Balkans | Russia will implement its decision to “cut” oil production by the end of the year

Russian Deputy Prime Minister Alexander Novak stated that they will implement the decision to cut oil production by 500,000 barrels per day by the end of the year.

Novak confirmed in his written statement that there are high volatility and unexpected operations in the oil market due to the banking crisis in the United States and Europe and the wrong steps taken in the field of energy in the world.

Noting that Russia decided to cut oil production as a precautionary step, Novak said, “We will reduce our oil production by 500,000 barrels per day until the end of the year compared to our production volume in February.” Use the phrase.

Novak said on February 10 that Russia will cut oil production by 500,000 barrels per day in March.

In December 2022, EU countries agreed to a price cap of $60 per barrel for seaborne oil from Russia.

A $100-per-barrel cap was imposed on Russian diesel and kerosene, and $45-per-barrel cap on cheap liquid fuels and light-colored petroleum products.

AA