Russian Deputy Prime Minister: Russia may slightly reduce oil production

Russian Deputy Prime Minister Alexander Novak said on December 6 that Russia may slightly reduce oil production
given the uncertainty in the international market.
At the same time, he said that the price limit on Russian oil will lead to a decline in global investment in this industry, energy shortages, and then push up oil prices
.

Novak told media reporters on the same day: "In view of the uncertain situation, we do not rule out reducing oil production
if necessary.
" The market is quite volatile today
.
I don't think there will be a big reduction in production, but I don't rule it out
.
”

European Union member states reached an agreement on the 2nd to set a price ceiling of $60 per barrel for Russian seaborne oil exports, and the G7 and Australia announced that they will implement the same price limit policy
with the EU.

Novak said that Russia does not accept artificial and non-market methods to impose price limits on Russian oil, which will only lead to a decline in global investment in this industry and energy shortages in the future, which in turn will push up oil prices
.

Russia is one of the world's
leading oil producers.
After the Ukraine crisis escalated in February this year, the European Union, together with the United States, imposed severe sanctions on Russia in an attempt to crack down on Russian oil and gas exports, but at the same time caused European energy supplies to be tight and prices soaring
.
Russia has warned that it will not supply oil and petroleum products
to countries that impose price limits on Russian oil.