MOSCOW, Dec 2 — Russian Deputy Prime Minister Alexander Novak said today that the European Union’s proposed price cap on Russian oil will not affect production in December, Interfax news agency reported.

He was quoted as saying that Russia believes its oil will be in demand, although there is a lot of uncertainty.

European Union governments have tentatively agreed to cap the price of seaborne Russian oil at US$60 (RM263) a barrel, with an adjustment mechanism to keep the cap at 5 per cent below the market price, according to diplomats and a document seen by Reuters. — Reuters