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Russia May Reduce Oil Output to 550-700k bbl/day in Response to Price Cap

RUSSIA
  • Russia may reduce oil output by 500k-700k bbl/day in response to introduction of the oil price cap, Deputy Prime Minister Novak says, according to Tass. Russia plans to prohibit the supply of oil and petroleum products to countries that will put a price cap requirement into contracts, Novak says.
  • Russia's monetary base rose to RUB 16.031t in the week of Dec 16 from RUB 15.869t in the week of Dec 9, according to data from the Bank of Russia. There are no other major economic releases scheduled today.

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