Novak: Russia extends voluntary cut in oil production until end of June
MOSCOW, March 21 – RIA Novosti. Russian Deputy Prime Minister Alexander Novak told reporters that Russia’s decision to voluntarily reduce oil production by 500,000 barrels per day has been extended and will be valid until the end of June 2023.
Novak said in February that Russia would voluntarily reduce oil production by 500,000 barrels per day in March; He added that other decisions will be made based on the current market situation.
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As Novak said on Tuesday, the global oil market today is under unprecedented pressure from “unnatural man-made factors” creating great volatility and uncertainty. We are talking about the narrow-minded energy agenda of Western countries, which aims to de-invest traditional energy sectors, to impose illegal restrictions on the free movement of energy products, and to impose an embargo on the supply of oil and petroleum products.
“The ongoing attempts to implement the price ceiling mechanism are no less dangerous. The risk of repeating these attempts leads to a deterioration of the investment climate in circular industries and hits consumers. A certain set of politically motivated low-quality decisions pose significant risks. It is the energy security of the whole world,” he stressed. .
Western oil sanctions went into effect on December 5: The European Union stopped accepting Russian oil transported by sea, and the G7 countries, Australia and the EU set a price cap on sea freight for oil, which is more expensive to transport – $60 per barrel for shipping. and insurance is prohibited. Fuel sanctions came into effect on February 5: The European Union banned the import of Russian petroleum products, while the EU and G7 countries set a price ceiling for them. The limit is set at US$100 per barrel for petroleum products originating in Russia, and US$45 per barrel for reference oil quality (diesel fuel) traded at a premium and traded at a discount (fuel oil).
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