Economics

Invented a reply to Europe: Russia has declared plans to reduce oil production

In the first week after the EU and the G7 countries introduced the prices for Russian oil, the total amount of oil from the Russian Federation fell by 54%. Russia intends to reduce oil production, reducing 500-700 thousand barrels a day in response to limitation of G7 countries for exports of Russian oil. About it reports Bloomberg. According to the Vice Prime Minister of the Russian Federation Alexander Novak, the reduction of oil production should take place at the beginning of 2023.

"We are ready to partially reduce production at the beginning of next year. We will risk a reduction in production than we will adhere to sales policies according to the threshold," the Russian official said. He also noted that the volume of production reduction is approximately 5-6% of what Russia is now. The material emphasizes that there are already the first signs that the limitation of prices for Russian oil to reduce the income of the aggressor country impedes the flow of oil.

Thus, for the first full week after the restriction came into force on December 5, along with the EU ban on maritime imports and insurance restrictions, the total amount of oil from the Russian Federation fell by 54%. For this reason, the WTI oil from the supply in February increased by 1. 1%to $ 78. 31. For barrel on Friday morning, December 23, 2022. And Brent oil was 0. 8% more expensive - $ 81. 66 per barrel.

We will remind, on December 5, 2022 the oil embargo on the supply of Russian oil to Europe began to operate. The price of oil from the Russian Federation was limited to about $ 60 per barrel. This means that the EU countries, the United Kingdom, the USA, Canada, Japan and Australia provide services related to Russian tanker oil only if it has been bought at a marginal price or lower. From February 5, 2023, the purchase of Russian oil products will also be prohibited.

Already on December 6, the Kremlin stated that Russia will create a mechanism that Russian companies will refuse to sell oil to those countries that have been attached to the conditions of the price ceiling. Earlier, Focus reported that the United States of America introduced new anti -Russian sanctions, under which 10 companies of the Russian Federation came. The List of Sanctions of the Office of Foreign Asset Controls included shipping companies.