Russia may reduce oil production by 500,000-700,000 barrels per day in early 2023.

(Reuters)

[Financial Channel/Comprehensive Report] Russian Deputy Prime Minister Alexander Novak (Alexander Novak) said that Russia may reduce oil production by 500,000-700,000 barrels per day in early 2023 in response to the Group of Seven's restrictions on the country's crude oil exports. price ceiling.

Novak said Russia was prepared to cut production in part early next year, roughly equivalent to 5%-6% of Russia's current output.

Novak, Moscow's main OPEC+ negotiator and government energy official, said Russia would not sell crude to buyers and countries using Western price caps.

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As global demand for Russian energy remains high, Novak said Russian producers were able to redirect their exports to competing markets, including Asia.

Oil prices have rallied sharply over the past two weeks and climbed further on Friday, with Brent nearing $82 a barrel.

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