In March, Russia will voluntarily cut its oil production by 500,000 barrels per day to help restore market-based relations, RF Vice Premier Alexandr Novak said.
“Russia believes the price cap for Russian oil and products is an interference in market relations and follows the destructive energy policies of the collective West. In future it can lead not only to a decline in investment in the oil sector, and consequently, to oil deficit, but also to inference with other global economy segments with similar consequences. As part of the measures to leverage the threats to the global oil market, Russia has introduced a ban on direct or indirect reference to any illegitimate restriction in oil supply contracts,” the RF Government press office quotes Novak as saying.
He also noted that at present Russia is selling all the oil it produces, but repeated that the country will not sell oil to the parties that adhere to the price cap principles directly or indirectly.
“In this regard Russia will voluntarily cut oil production by 500 thousand barrels per day in March. This will support the restoration of market relations. Our further decisions will be based on the market situation,” Novak said.
Photo: RF Government press office