Russia warns to cut oil output in response to price caps
Business
Russia warns to cut oil output in response to price caps
(AFP) - Russia has warned it may cut oil output by 5%-7% in response to Western-imposed price caps on its crude and oil products, a day after the Kremlin warned that US supplies of Patriot missile systems to Ukraine would not stop Russia from "achieving its goals". Follow FRANCE 24’s liveblog for all the latest developments. All times are Paris time (GMT+1).
Russia may cut oil output by 5%-7% in early 2023 as it responds to price caps on its crude and oil products by halting sales to the countries that support them, Deputy Prime Minister Alexander Novak has told state television.
Detailing for the first time the Russian response to the price caps introduced by the West over Moscow s invasion of Ukraine, Novak said the cuts could amount to 500,000-700,000 barrels per day.
The European Union and G7 nations introduced a $60 per barrel price cap on Russian oil from Dec. 5, on top of the EU s embargo on imports of Russian crude by sea and similar pledges by the United States, Canada, Japan and Britain.
Russian President Vladimir Putin said on Thursday he would issue a decree early next week detailing Moscow s actions in response.
