Russia may cut oil output after price cap

A Russian deputy prime minister warned on Friday that Moscow may reduce oil production by as much as seven percent at the start of 2023 in response to a cap on oil prices agreed upon by Western nations.Information Guide Nigeria

“At the start of next year, we could make a reduction of 500,000-700,000 barrels per day. For us, that’s around 5-7 percent,” Alexander Novak, who is in charge of Moscow’s energy policy, said according to Russian news agencies.

He stated that Russia will not supply oil to countries that impose a price ceiling, as part of the sanctions imposed on Moscow for its offensive in Ukraine.

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The price limitation of $60 per barrel agreed upon by the European Union, G7, and Australia went into effect at the beginning of December and is intended to limit Russia’s revenues while ensuring that Russia continues to supply the global market.NYSC portal

Alongside an EU embargo on seaborne exports of Russian crude oil, the cap intends to prevent Russia from circumventing the embargo by selling its oil to other parties at inflated rates.

Russia has stated that the cap will have no effect on the Ukrainian offensive and is certain that it will find new purchasers.JAMB Result

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