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- Russia’s Novak: Moscow might reduce oil production, but not by much
Russia’s Novak: Moscow might reduce oil production, but not by much
Russian Deputy Prime Minister Alexander Novak said on Tuesday, “Russia might reduce oil production, but not by much.”
Additional quotes
“Oil production in Russia in December 2022 will remain at the November level.”
“Introduction of the oil price cap will affect companies, but oil will be in demand on the market.”
“Russia is changing logistics chains for oil, does not see this as a tragedy.”
“Russian mechanism of banning sales of oil subject to the Western price cap should start working before the end of the year.”
Market reaction
WTI was last seen trading flat at $77.50, consolidating the rebound from near $76.75 levels.
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