The Group of 7 nations are in talks to cap Russian oil at $65 and $70 a barrel — but analysts say it likely won’t have a significant impact on Moscow’s oil revenues even if it’s approved. Prices at those levels are close to what Asian markets are currently paying Russia, which are at a “big discount,” said Wood Mackenzie’s vice president of gas and LNG research, Massimo Di Odoardo. “Those levels of discounts are certainly in line with what the discounts already are in the market … It’s something that doesn’t seem, as it is placed, like it’s going to have any effect [on Moscow] whatsoever if the price is so high.” ... (full story)