- Summary- Putin: Russia may cut production- No decision made yet, Putin says- Putin: Russia won't sell to price cap supporters- West's price cap is 'stupid', Putin saysMOSCOW, Dec 9 (Reuters) - Russia, the world's biggest exporter of energy, could cut oil production and will refuse to sell oil to any country that imposes the West's "stupid" price cap on Russian oil, President Vladimir Putin said on Friday.The Group of Seven major powers, the European Union and Australia last week agreed a $60 per barrel price cap on Russian seaborne crude oil after EU members overcame resistance from Poland."As for our reaction, I have already said that we simply will not sell to those countries that make such decisions," Putin told reporters in a news conference in the Kyrgyz capital, Bishkek.Selling oil and gas to Europe has been one of the main sources ofr Russia's foreign currency earnings since Soviet geologists found oil and gas in the swamps of Siberia in the decades after World War Two.The Kremlin chief cautioned that attempts by the West to impose a price cap would lead to the global collapse of the oil industry and then a catastrophic rise in prices."