NNA – Russian Deputy Prime Minister Alexander Novak announced that “Russia is ready to cut oil production, in response to Western measures to cap prices of Russian oil and petroleum products,” according to “Russia Today “. Novak said in a press release that “the production cut early next year could reach 500,000-700,000 barrels per day.” He noted that “Moscow also plans to ban the supply of oil and petroleum products to countries and legal entities that will require compliance with the price ceiling in contracts.” He explained: “According to the results of the current year, oil production in Russia will grow by 2%, to 530 million tons.”
Interestingly, the G7 countries, the European Union and Australia agreed earlier this month to cap Russian oil prices. Under the procedure agreed by this group, countries will not buy oil from Russia at a price higher than $60 a barrel. At the same time, many EU countries that lack access to alternatives to Russian resources due to their geographical location will continue to import Russian oil.
Earlier, Russian President Vladimir Putin announced that he intends to “sign a decree on retaliatory measures related to capping oil prices early next week.”
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