REUTERS/Vitaly NevarWASHINGTON, Jan 20 (Reuters) - Group of Seven officials have agreed to review the level of the price cap on exports of Russian oil in March, later than originally planned in order to give time to assess the market after more caps are placed on oil products from Russia, the U.S. Treasury said on Friday. The coalition had initially planned to review the level of the cap sometime in February, two months after its implementation. Treasury officials have said the oil price cap has two goals: cutting Russia's revenues by institutionalizing heavy discounts on its oil bought by big consumers like China and India, and ensuring global oil markets are well supplied. "As long as the price cap continues to meet the Coalition’s dual goals, the Deputies agreed to undertake a review of the level of the crude price cap in March," Treasury said. The March date allows the coalition to assess developments in global markets after implementation of the refined products caps, and to be briefed on an EU technical review of the crude price cap, it said.

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