Russia Says Oil-Price Cap May Cause Temporary Output Cut
- The planned cap creates a ‘very bad precedent,’ Novak says
- Nation sees oil production sliding to 490 million tons in 2023
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Moves to cap the price of Russian oil exports will backfire and could lead to a temporary cut in the country’s production, its top energy official said.
Speaking in Vienna after OPEC+ announced a 2 million barrel-a-day supply reduction, Russian Deputy Prime Minister Alexander Novak reiterated a warning that his country won’t sell oil to any countries that adopt such a cap.