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Russia does not expect decline in oil supplies in December — Novak

It is reported that Russia will not supply oil to countries under the terms of the price cap, even if it would be more profitable

SAMARKAND, December 2. /TASS/. Russia does not expect to see a decline in oil exports in December, since supplies were contracted back in late October - early November, Russian Deputy Prime Minister Alexander Novak said on Friday.

"As for the December placements and contracts, they were still set in late October - early November, so we do not expect any changes by December. Contracts are being implemented. As for January, contracting is underway. Let's see how it will go. Of course, there are many uncertainties, but, nevertheless, our oil is in demand on world markets, and we believe that it will continue to be in demand," he said.

Official representative of the Russian Foreign Ministry Maria Zakharova said earlier that the introduction of a mechanism to limit prices for Russian oil could greatly complicate the situation on global markets and would have devastating consequences for everyone. "We have repeatedly said that such measures -the so-called cap on Russian oil prices -are not just a non-market mechanism, this is an anti-market measure that destroys supply chains and can significantly complicate the situation on global energy markets," she said.

Russian Deputy Prime Minister Alexander Novak said earlier that Russia will not supply oil to countries under the terms of the price cap, even if it would be more profitable.

The G7 finance ministers have stated their intention to impose a price cap on Russian oil. They intend to accomplish this by forming a "wide international coalition" and prohibiting the provision of any services for the maritime transportation of Russian oil if it is sold at a price greater than the limit agreed upon the coalition. This ruling is likely to go into effect on December 5. Last week, the European Commission recommended capping Russian oil prices at $65-70 per barrel, which Poland and the Baltic countries opposed. Greece, Cyprus, and Malta, all of which rely on tanker traffic, want a bigger cap or some type of compensation.

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