In response to the price cap, Russia plans to cut oil production in March.

(Reuters)

[Financial Channel/Comprehensive Report] Russian Deputy Prime Minister Novak (Alexander Novak) said on Friday (10th) that Russia plans to cut oil production by 500,000 barrels per day, equivalent to 5% of total production, starting in March. International oil prices turned red immediately. Brent crude oil once rose more than 2.5% to US$86.6 per barrel, and now it has fallen back to US$86.27 per barrel.

According to comprehensive media reports, Novak said in a statement: "From today, we will completely sell all the oil we produce, but we will not sell to those who directly or indirectly abide by the 'price ceiling'." It is to counter Western oil sanctions against Russia.

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Novak pointed out that Russia is currently able to sell its oil to overseas markets, but does not want to abide by price limits imposed by Western countries, and said that the next step will be taken according to market developments.

As part of the sanctions, the Group of Seven Industrial Countries (G7), the European Union and Australia have all agreed to prohibit the provision of any marine financial, insurance and other brokerage services for Russian oil exceeding US$60 per barrel starting from December 5 last year.

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