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Russian Dep PM: Russia May Cut Oil Production In Response To Oil Price Cap

OIL

According to Reuters, Russian Deputy Prime Minister Alexander Novak has claimed that, "Moscow remains reliable supplier but will not ship oil/oil products setting price cap."

  • Novak also says Russia may also cut oil production if an agreement is reached to enact a US-led price cap on Russian oil.
  • Novak's comments come after an eventful day on oil markets as rumours of a OPEC production hike drove Brent and WTI crude to lows not seen since January.
  • Saudi officials have since denied reports and oil prices have clawed back losses.

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