Russia Says It May Cut Daily Oil Output by 700,000 Barrels
- Move would be in response to the G7’s price cap, says Novak
- Russia set to pump 10.7 million barrels a day this year: Novak
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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.