All news

Russia to consider further oil production cuts in response to price cap — Putin

According to him, Russia is now considering various options for responding, the final version will soon be set in a presidential decree

BISHKEK, December 9. /TASS/. Russia is considering cutting oil production as one of the measures in response to the decision of Western countries to introduce a price cap, Russian President Vladimir Putin told reporters on Friday.

"As for our reaction, I have already talked about it - we simply will not sell to the countries that make such decisions. We will think about the possibility of production cuts, if necessary. We have an agreement with OPEC+ on a well-known production target. We will think of something additional, if we need it. I mean Russia specifically," Putin said.

According to him, Russia is now considering various options for responding, the final version will soon be set in a presidential decree. "We are thinking about it. There are no decisions yet. Specific measures will be set in the presidential decree, which will be issued in the next few days," Putin said.

Russian presidential spokesman Dmitry Peskov said earlier on Friday that Russia will soon prepare a response to the imposed price cap for its oil. "We're getting closer. As soon as experts finish their work, everything will be made public," he said.

Finance Minister Anton Siluanov said earlier that the Russian Finance Ministry considers it too early to assess the effect on the budget from the introduction of a price cap on Russian oil, but Russia is preparing retaliatory measures. "So far, it is too early to talk about the impact on the budget. We are now preparing retaliatory, reciprocal measures regarding how our companies will react to the introduction of the price cap," Siluanov said. He noted that such measures will be announced in the near future.

The minister called the introduction of a price cap a non-market measure that would have implications for the world market.