12/8/2022, 10:24 AM (Source: TeleTrader)
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Russia: Oil price cap won't be 'critical' for production

Russian Deputy Energy Minister Pavel Sorokin told reporters on Thursday that the recently implemented price cap on the country's oil will not be significantly impacting the output of the crude.

"Most of the markets are available for our product on adequate market principles, and those fluctuations in oil production that are possible are not critical and will not exceed the values ​​of spring fluctuations," Sorokin explained.

Previously, the West agreed to put a ceiling on Russian crude at $60 per barrel, in an effort to further hit the country's economy and cripple its war agenda in Ukraine. Meanwhile, Moscow officials noted that despite such measures, Russian oil will continue to be in demand.

Baha Breaking News (BBN) / AY