Summary:Recently, Russian Deputy Prime Minister Alexander Novak warned that Russia may cut oil production by 5% to 7% in early 2023 and stop selling oil to countries that support price caps on Russian oil.
According to comprehensive foreign media reports, recently, Russian Deputy Prime Minister Alexander Novak warned that Russia may cut oil production by 5% to 7% in early 2023 and stop selling oil to countries that support price caps on Russian oil. Production cuts might reach 500,000 to 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 seeking to diversify its buyers.
In response to some Western countries’ price limits on Russian oil, Russian President Vladimir Putin also stated that Russia will 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.
Prior to this, the European Union, the Group of Seven (G7) and Australia successively announced to set a price ceiling of US$60 per barrel on Russia’s seaborne oil exports in order to hit Russia’s oil revenue.
Original title: Countering the West’s price limit on Russian oil, Russia warns that it may implement production cuts and bans
