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23 December 2022 | Other

Novak: Russia has prepared a response to the price ceiling in the form of a ban on oil supplies

Brent
WTI Light Crude Oil

In response to the West's decision to limit Russian oil supplies, energy exports to countries that would insist on respecting price caps will be banned. This was stated by Deputy Prime Minister of the Russian Federation Alexander Novak.

Novak noted that as a result of this decision, Russia is ready to cut oil production by 5-7% at the beginning of the coming year. He also added that despite the fact that this volume is insignificant, there are still risks.

On December 5, the EU, G7 and Australia set the prices for oil from Russia at $60 per barrel. On December 22, President Vladimir Putin said that he would announce a response to the oil price cap at the beginning of next week.

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