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Sanctions May Cause Russia to Cut Production

OIL

Russia may cut its crude production slightly due to the current market volatility according to Deputy Prime Minister Alexander Novak.

  • "Global consumption and economic growth needs energy. There is not much oil in the world, and Russian oil has always been and will be in demand. Yes, supply chains will change, but we don't see any tragedy in this," he said.
  • "Yes, the environment is more challenging, yet we continue to sell oil and will be selling it and using new tools, new insurance mechanisms, interaction between companies and transportation," he added.
  • Russia’s December oil export sales are seen at the November’s level.

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