Russia Warns to Cut Oil Production in Response to Oil Price Cap

Russia warned it was ready to reduce oil production as a response measure to the fuel price cap introduced by the EU and G7 members.

Russian Deputy Prime Minister Alexander Novak stated that output could be slashed by up to 7% in early 2023.

The European Union’s $60 per barrel price cap on Russian oil went into effect on December 5, along with a ban on seaborne exports.

Novak added that, in retaliation, Russia plans to ban the supply of oil and petroleum products to countries and legal entities that require compliance with the price cap in contracts.