The decision of the Russian Federation to voluntarily cut oil production by 500,000 barrels per day will be in force till the end of June, the RF Government press office quotes RF Vice Premier Alexandr Novak as saying.
‘The global oil market is currently under an unprecedented pressure of unnatural, politically forced factors that result in high volatility and uncertainty. These factors include the short-sighted energy policies of the Western countries aimed at depriving the traditional energy sectors of investment, forcing illegal restrictions on the free movement of energy goods and implementing embargoes on oil and products trade,’ Novak said.
The ongoing attempts to introduce the price cap mechanism are no less dangerous, he continued.
‘The risk of scaling up these attempts is leading to the destruction of the investment climate in cyclic industries and impacts consumers. The set of politically motivated low-quality solutions outlined creates significant risks for the global energy security,’ Novak said.
He reminded that Russia continues to insist that the illegal restrictive measures are totally unacceptable and has announced a voluntary cut in oil production by 500,000 barrels per day since March.
According to Novak, Russia is nearing the voluntary reduction target and expects to reach it one of these days.
‘Taking into account the current situation in the market, the decision to voluntarily cut oil production by 500,000 barrels per day will be in force till the end of June 2023,’ he concluded.
Photo: RF Government press office