Russia plans to cut oil output by 500,000 bpd in March: Novak

Russia’s Deputy Prime Minister Alexander Novak

Russia aims to cut oil production by 500,000 barrels per day (bpd) in March, Reuters reported, citing Deputy Prime Minister Alexander Novak.

The price-cap mechanism for the sale of Russian oil and oil products is an interference in market relations and a continuation of the West's damaging energy strategy, Novak said.

On December 5, 2022, an embargo on maritime Russian oil shipments to the European Union came into force. G7 nations, the EU and Australia agreed on a price cap for Russian oil delivered by sea, setting the ceiling at $60 a barrel.

Novak said earlier this week that Russia's daily crude oil production so far this month had been comparable with January's 9.8 million to 9.9 million bpd.

He added that the country will take countermeasures in early March against the EU ban on Russia's oil products.