Russia readies oil production cut in response to price cap

Russia’s Deputy Prime Minister Alexander Novak has warned that the country’s authorities may be prepared to accept a certain decline in oil production — despite the drop in government revenues — in response to the price cap officially agreed late last week by the G7 group of leading economies and Australia.

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Why 2023 Is Likely To See Much Higher Oil Prices

Earlier this week, oil prices plunged to 2022 lows as energy markets panicked about demand amid COVID chaos in China that has resulted in an unexpected and extraordinary manifestation of street protests and even calls for Chinese President Xi Jinping to step down.

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