Al-Marsad newspaper: Russian Deputy Prime Minister Alexander Novak announced that Russia is ready to reduce oil production, in response to measures taken by the G-7 countries, the European Union and Australia to set a ceiling to the prices of Russian oil and petroleum products.
Novak indicated in a press release that the production cut early next year could reach 500,000-700,000 barrels per day.
He explained that Moscow also plans to ban the supply of oil and petroleum products to countries and legal entities that will require compliance with price ceilings in contracts.
And he stated that, according to the results of the current year, oil production in Russia will grow by 2%, to 530 million tons.
It is worth noting that the G7 countries, the European Union and Australia agreed in early December to cap Russian oil prices and, according to the procedure agreed by this group, the countries will not buy oil from Russia at a price above $60 a barrel.
