12/6/2022, 10:21 AM (Source: TeleTrader)
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Novak: Oil will be in demand despite cap on prices

Russian Deputy Prime Minister Alexander Novak (pictured) stated Tuesday that although introducing the price cap for Russian oil will affect companies, the oil will continue to be in demand.

"Yes, logistics mechanisms and chains will change now. Nevertheless, we do not see any tragedy in this," he told reporters while emphasizing that a reduction of the commodity output may be possible under particular situations.

He further added that implementing a mechanism for banning oil trade under the Western price cap should start working before the year-end.

Baha Breaking News (BBN) / JG