We will not supply oil at the prices set by the West, and we are looking for new markets

Russian Finance Minister Anton Siluanov said that his country will not stand idly by, and will not sell oil or gas to countries that impose a ceiling on prices, and that it may move to cut production at a later time.

added that His country is expanding in research About new markets for Russian oil in addition to the existing markets that already exist, most notably India and China.

The Russian minister indicated that his country will expand trade agreements with friendly partners in national currencies such as the yen and the rupee, away from the control and hegemony of the dollar.

The European Union, G7 countries and Australia imposed a maximum price of Russian oil of $60 per barrel, and it came into force on December 5.

This came in addition to the ban imposed by the European Union on imports of Russian crude oil transported by sea, and pledges from the United States, Canada, Japan and Britain to take similar action.

And the Russian Information Agency, on Friday, quoted Deputy Prime Minister Alexander Novak as saying that Russia may reduce its oil production by between 5 and 7% in early 2023, while it responds to imposing maximum limits on the prices of its crude and oil products by stopping sales to countries that support those limits.

Another Russian news agency, TASS, quoted Novak as saying that the cuts could range between 500,000 and 700,000 barrels per day.

Russian Deputy Prime Minister Alexander Novak said on Friday that the global oil market is currently “balanced” thanks to the decision of the OPEC + coalition to reduce oil production by two million barrels per day, starting from last November.

“We believe that we are doing this not only in the interest of producers, but also in the interest of consumers to ensure a stable situation in the market,” Novak was quoted as saying by the Russian news agency “Tass” in a television interview.

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