Summary:Recently, Russian Deputy Prime Minister Alexander Novak warned that Russia could cut oil production by 5% to 7% in early 2023 and stop selling oil to countries that support oil price caps. Russian.
According to extensive foreign media reports, recently, Russian Deputy Prime Minister Alexander Novak warned that Russia could cut oil production by 5% to 7% in early 2023 and stop selling oil to countries that they support the price limits of Russian oil. Production cuts could reach 500,000-700,000 barrels per day.
Image source: screenshot of the “Moscow Times” report.
He also said that despite European efforts to reduce dependence on Russian oil and gas, Russian energy exports are in demand around the world and Russia has been trying to diversify its buyers.
In response to some Western countries’ price caps on Russian oil, Russian President Vladimir Putin also said that Russia would not sell oil to countries that have made such decisions and is considering cutting oil production. There are also reports that Putin may sign a presidential decree on December 26 or 27 announcing countermeasures.
Earlier, the European Union, the Group of Seven (G7) and Australia successively announced to set a maximum price of $60 a barrel for Russia’s oil exports by sea in order to hit Russia’s oil revenues .
Original title: Bucking West’s Price Limit on Russian Oil, Russia Warns It Could Implement Production Cuts, Bans
