Moscow could cut oil production by up to seven percent in early 2023 following an oil price cap agreed by Western countries, a Russian deputy prime minister said Friday.
“At the start of next year, we could make a reduction of 500,000-700,000 barrels per day. For us, that’s around 5-7 percent,” Alexander Novak, who is in charge of Moscow’s energy policy, said according to Russian news agencies.
He said Russia will not supply oil to countries that are enforcing a price cap — a part of punitive measures on Moscow following its offensive in Ukraine.
