Russia to reduce oil production by 500,000 barrels per day

Russian Deputy Prime Minister Aleksandr Novak told reporters in the capital Moscow that the application of maximum prices by Western countries for Russian oil and oil products may create a supply problem in the sector.

Noting that Russia has no problem selling the oil it produces, Novak said: “However, as we have said before, we will not sell oil directly or indirectly to those who comply with the maximum price principle.” he said.

Explaining that they will cut their production to balance the oil market, Novak said: “In this context, Russia will reduce its oil production by 500 thousand barrels per day in March. Russia believes that the price cap mechanism for Russian oil and oil products is a continuation of market intervention and destructive energy policy of Western countries. saying.

In December 2022, the countries of the European Union agreed on a maximum price of $60 per barrel for oil transported by sea from Russia.

A price ceiling of $100 a barrel was imposed on Russian diesel and kerosene, and $45 a barrel on cheaper liquid fuels and light-colored petroleum products. (AA)