Russia considers the mechanism of caps on Russian crude and oil derivatives “an interference in market relations.”
Euskaraz irakurri: Errusiak milioi erdi upeletan gutxituko du eguneko bere petrolio ekoizpena
Russia to reduce oil production by 500,000 barrels per day in March after the cap imposed by the G7, Australia and the European Union (EU) on Russian crude oil and derivatives due to the Russian invasion of Ukraine.
“Russia will voluntarily cut production by 500,000 bd in March. This will help restore market relations,” Deputy Prime Minister Alexander Novak told local media, according to the official TASS news agency. In addition, he has pointed out that Russia will not sell oil to those who directly or indirectly adhere to the maximum price principle.
The Deputy Prime Minister recalled that Russia considers the cap mechanism for Russian crude oil and oil derivatives “a interference in market relations and a continuation of the destructive energy policy of Western countries”.
“In the future, it can not only lead to a decrease in investment in the oil sector and, consequently, to a oil shortagebut also will spread to other sectors of the global economy with similar consequences,” Novak warned.
On February 5, the total ban on imports of Russian oil products into Europe came into effect.
Source: Eitb
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