REUTERS/Wolfgang Rattay/PoolWASHINGTON/LONDON, Nov 3 (Reuters) - The Group of Seven rich nations and Australia have agreed to set a fixed price when they finalize a price cap on Russian oil later this month, rather than adopting a floating rate, sources said on Thursday. “The Coalition has agreed the price cap will be a fixed price that will be reviewed regularly rather than a discount to an index," said a coalition source, who was not authorized to speak publicly. Coalition partners agreed to regularly review the fixed price and revise it as needed, the source said, without disclosing further details. The downside of the agreed fixed price system is that it will require more meetings of the coalition and bureaucracy to review it regularly, the source said. Russia has said it will refuse to ship oil to countries that set price caps.

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