From Bloomberg via Yahoo News, December 23:
Russia may reduce its oil output by 500,000-700,000 barrels a day in early 2023 in response to the Group of Seven’s price cap on the nation’s crude exports, according to Deputy Prime Minister Alexander Novak.
“We are ready to partially cut our production early next year,” he said in an interview with Rossiya-24 TV channel, adding the volumes equate to roughly 5%-6% of what Russia’s now pumping.
“We’ll try to find some common ground with our counterparts to prevent such risks,” Novak said. “But right now we’d rather take a risk of a production cut than stick to the policy of selling in line with the threshold.”
While he described the potential output declines as “insignificant,” a cut of that size could still tighten the global oil market at a time when many analysts predict demand in China will be rebounding....
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