Russia is ready to cut its oil output by 7% early next year to hit back at the EU-led price cap

Dec 23 2022 by Business Insider

 
Russia could cut its oil production levels in response to the G7's crude price cap.

REUTERS/Sergei Karpukhin

Russia could slash its oil output by up to 700,000 barrels a day, its deputy prime minister said. The US and its allies capped Russian crude prices at $60 a barrel earlier this month. "We are ready to partially cut our production early next year," Alexander Novak told state TV Friday.

Russia could reduce its daily oil output by as much as 7% early in the new year, in response to the US...

Continue Reading Russia is ready to cut its oil output by 7% early next year to hit back at the EU-led price cap