Russian Deputy Prime Minister

Moscow December 6, Russian Deputy Prime Minister Novak said on the 6th that due to the uncertainty brought about by the EU’s embargo and price cap policy on Russian oil, Russia may cut oil production in the future. , but not too much.

Novak said that due to the uncertainty of the current situation, the Russian side does not rule out a period of possible decline in oil production if necessary, but not too much. The Russian side believes that the overseas sales of Russian oil in December will remain at the level of November.

Novak said that although the embargo and price restrictions have affected Russian companies, there is still demand for Russian oil in the international market. Russia is the largest oil supplier to the world energy market. Given the growing demand for global energy consumption, Rosneft will continue to sell well. Considering the difficulties it faces, Russia is adjusting the oil logistics supply chain, adopting new insurance mechanisms, business cooperation methods and transportation methods.

Earlier in the day, Novak announced that Russian oil production from January to November 2022 increased by 2.2% compared with the same period last year, reaching 488 million tons.

EU member states recently reached an agreement on setting a price cap of US$60 per barrel on Russia’s seaborne oil exports, and the Group of Seven and Australia also announced that they would implement the same price cap policy as the EU. Novak previously announced that Russia plans to formulate relevant mechanisms to prohibit transactions that are conditional on oil price caps

By Admin