Russia considers the mechanism of caps on Russian crude oil and oil derivatives as “an interference in market relations”.
Euskaraz irakurri: Errusiak milioi erdi upeletan gutxituko du eguneko bere petrolio ekoizpena
Russia plans to cut oil production by 500,000 barrels a day in March following the limit imposed by the G7, Australia and the European Union (EU) on Russian crude oil and derivatives as a result of 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. He also pointed out that Russia will not sell oil to those who directly or indirectly adhere to the maximum price principle.
The Deputy Prime Minister reminded Russia that the cap mechanism for Russian crude oil and oil derivatives as “a interference in market relations and a continuation of the destructive energy policies of Western countries”.
“In the future, it can not only lead to a drop in investment in the oil sector and therefore a oil shortagebut also will spread to other sectors of the world economy with similar consequences,” Novak warned.
On February 5, the total import ban of Russian oil products in Europe came into effect.
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Source: EITB
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
