Earlier on Friday, the G7 finance ministers agreed to introduce a price cap for Russian oil. "What you end up doing is you sort of price fix the entire market is what happens," Sitton said. "The problem with that is that will destabilize [global market] again."Moreover, Sitton explained that oil producers may be dissuaded from investing in more oil production because countries will be more willing to buy discounted oil from Russia.G7 comprises the United States, the United Kingdom, Canada, Italy, Germany, Japan, and France.Russian Deputy Prime Minister Alexander Novak earlier slammed a price cap on Russian oil as absurd, warning that Moscow would not deliver oil and oil products to countries that support the decision.