<p>U.S. Energy Envoy Amos Hochstein spoke on the sidelines of an energy conference, CERAWeek, in Houston.</p><ul><li>"I think the beauty of the process is that it is working and that Russian oil and Russian products are being traded below the price cap,"</li><li>"I don't know why Russia is cutting their production"</li><li>"I think the price has not gone up that much. We want to make sure that Russian barrels are on the market and are trading at a discount."</li></ul><p>Hochstein referring to the price cap imposed by Group of Seven countries, the European Union and Australia:</p><ul><li>cap on seaborne cargoes of Russian oil is at US$60 a barrel</li><li>began on December 5 2022</li><li>was joined by a price cap on Russian fuel sales on February 5 2023</li></ul><p>Russia's Novak</p> This article was written by Eamonn Sheridan at www.forexlive.com.

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