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12/2/2022, 11:58 AM (Source: TeleTrader)
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Novak believes Russian oil will be in demand in 2023

Russian Deputy Prime Minister Alexander Novak conceded on Friday that there are "uncertainties" regarding Russian oil exports. "But nevertheless, our oil is in demand on world markets and we believe that it will be in demand" next year, he added.

Novak predicted that sanctions imposed by the European Union on Russian oil should not result in "serious changes" in output in December due to existing export contracts. "As for January, contracting is underway, and we will see how it will go," he stated. The EU is expected to reach an agreement on a price cap for Russian seaborne oil, limiting it to $60 per barrel.

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