Bishkek, Kyrgyzstan: President Vladimir Putin warned on Friday that Russia could cut oil production in response to a $60 cap on its oil exports that Western countries agreed to following Moscow’s attack on Ukraine.
The tariffs of the EU, G7 and Australia agreed on Monday and seek to limit the revenue from Russia as it ensures that Moscow continues to supply the global market. “We will consider production cuts if necessary,” Putin told reporters in Kyrgyzstan’s capital Bishkek after a regional summit.
In response to a $60 price cap, Russia says it will reduce its oil production
He said the price hike was a “negative move” that “hurts the global energy market” but “doesn’t affect” Russia. He added that Moscow would announce a retaliatory measure “in the coming days”.
He did not explain. The market price for a barrel of Russian Urals crude is currently around $65, slightly above the agreed cap of $60, suggesting that the measure may have little effect in the short term.
