Russia will cut oil production by 500,000 barrels per day (bpd) next month, amounting to about 5 percent of its output, Deputy Prime Minister Alexander Novak said on Friday, following through on the Kremlin’s previous threats made in response to recent Western sanctions such as proposed price caps on Russian oil.
“Today, we are selling the entire volume of our oil output. But, as we have said before, we are not going to sell oil to those who directly or indirectly adhere to the ‘price cap’ principles,” Novak said, according to the Russian state-run news platform Tass.
