Putin calls oil price cap 'stupid,' and says Russia is considering slashing oil production in response

Dec 9 2022 by Business Insider

 
Russian President Vladimir Putin.

Alexei Nikolskyi/RIA Novosti/Kremlin

Russia is considering slashing its oil production in response to the Western price cap, Vladimir Putin said on Friday. The Russian president also said Moscow wouldn't be financially affected by the price cap, calling the mechanism "stupid." If Russia cuts output, it could spur volatility and send crude prices higher, experts have warned.

Russia will consider slashing its oil output in retaliation to the G7 and European...

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