Morocco to spend $13bn on green investments over next 4 years

Oil prices have risen after major producers agreed to continue to cut output and the G7 and its allies said they will cap the price of Russian oil.

More cities in China, including Urumqi in the north west, have said they will loosen curbs after mass protests against the country’s zero-Covid policy.

The price cap means only Russian oil bought for less than $60 a barrel will be allowed to be shipped using G7 and EU tankers, insurance companies and credit institutions.

Russia has said it will not accept the price cap, and has threatened to stop exporting oil to countries adopting the measures.

“Russia has been very clear that they will not sell crude (oil) to anybody signing up to the price cap,” he said.

US Treasury Secretary Janet Yellen said the price cap would further constrain Russian President Vladimir Putin’s finances and “limit the revenues he’s using to fund his brutal invasion” while avoiding disrupting global supplies.

An EU-wide ban on Russian crude oil imported by sea will also take effect on Monday.