Shijal ChudasamaDecember 23, 2022Russia scares markets by threatening to reduce oil supplies in 2023
Moscow issues a warning that as the energy conflict with the West worsens, it may reduce production by 5-7 percent in early 2023.
According to a senior official, Russia may reduce its oil production by 5-7 percent in the first quarter of 2023 and stop selling to nations who support a price restriction on its crude and oil products.
The reductions might be between 500,000 and 700,000 barrels per day, according to official television comments made by deputy prime minister Alexander Novak on Friday.
His comments represented the first comprehensive response from Moscow to the recent price caps imposed on its energy exports by Ukraine's Western partners in response to Moscow's invasion of its neighbor.
In addition to the EU's ban on seaborne imports of Russian petroleum and equivalent commitments by the United States, Canada, Japan, and the United Kingdom, the G7 and Australia established a price ceiling of $60 per barrel on Russian oil starting on December 5. Additionally, the EU has put controls on gas prices.
These actions are intended to limit Russia's sources of income while preventing a stoppage of vital energy exports.
However, according to Novak, Moscow will forbid the sale of oil and oil-related products to nations that accept the price ceiling as well as businesses who demand its compliance. These countries would be compelled to buy their oil from other nations as a result of such a move. However, if Moscow simultaneously reduces oil production as Novak suggested, it would decrease the overall amount of crude available in the market, driving up the price of non-Russian oil and hurting consumers everywhere while providing the Kremlin considerable power over the West.
“We believe that in the current situation, it is even possible to take risks of lower production rather than be guided by the selling policy regarding the price caps. Today it is $60, tomorrow it can be anything, and getting dependent on some decisions made by unfriendly countries is unacceptable for us,” Novak said.
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