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.
Brent crude rose by about 0.6% to above $86 a barrel on Monday morning.
On Friday, the G7 agreed to cap the price of Russian oil at $60 a barrel to raise pressure on Russia over the invasion of Ukraine.
In a joint statement last week, the G7 and Australia said the $60 cap on Russian oil would come into force on Monday or “very soon thereafter”.
They said the measure was meant to “prevent Russia from profiting from its war of aggression against Ukraine”.
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.
This could make it difficult for Moscow to sell its oil at a higher price, because many major shipping and insurance companies are based within the G7.
Russia has said it will not accept the price cap, and has threatened to stop exporting oil to countries adopting the measures.