Russia may reduce oil production due to price restrictions – Putin

Russia is considering cutting oil production in response to the G7 cap on oil prices at US$60.

This was stated by Russian President Vladimir Putin at a press conference, Kremlin-aligned news outlet RBK reports.

"If necessary, we will also think about a possible reduction in production. We have an agreement with OPEC+ [Organization of the Petroleum Exporting Countries] on the production limit. We will think about an additional [reduction] if necessary," Putin said.

However, the head of the aggressor state added that so far no concrete decisions have been made regarding Russia's response to the introduction of a ceiling on Russian oil prices. According to Putin, specific measures will be announced in the decree of the president of the Russian Federation in the coming days.

As before, Russia does not plan to supply its oil to those countries that adhere to the price ceiling.

Note: Four days after the G7 restricted Russian oil prices, some of Russia's oil is being traded well below the threshold set for Moscow. 

At the end of last week, the G7 countries announced that they had agreed to set a "price ceiling" at US$60 per barrel for oil that is exported from Russia by sea.

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