Russian Federation Deputy Prime Minister Alexander Novak said that the Russian Federation has decided to extend the voluntary cut in oil production by 500,000 barrels per day until June of this year. TASS.
According to the current market situation, the decision to cut production by 500 thousand barrels per day voluntarily will be valid until June 2023.
Novak also said that the Russian Federation will soon reach its target of reducing oil production.
“Right now Russia is close to reaching the targeted reduction level – this level will be reached in the coming days,” he said.
At the same time, the Deputy Prime Minister noted that the country adhered to “its position on the complete rejection of illegal restrictive measures” and announced that it has voluntarily limited oil production to 500,000 bpd since March.
the previous day reportedThat the “Group of Seven” (G7) countries do not plan to lower the ceiling price of Russian oil this week.
Former Foreign Ministry Spokesperson Maria Zakharova statedHe said that lowering oil prices from the Russian Federation would lead to instability in global markets.
On December 5 last year, the decision to impose a ceiling price on Russian oil, which was adopted by the EU countries, the G7 and Australia, entered into force and was set at $60 per barrel. From that day on, the EU embargo on the offshore supply of Russian oil also came into effect. On February 5, a ban was imposed on the import of Russian petroleum products, and price limits were also set for them at the level of 100 and 45 dollars per barrel.
Russia took retaliatory measures against Western sanctions: from February 1, 2023, Russia began to prohibit the supply of Russian oil to countries that support the price ceiling.