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TASS-Decision On Oil Production Coming Post-Q1 After Price Cap Intro

RUSSIA

Wires reporting comments from state-run Tass citing an unnamed senior official saying that a decision on Russian oil production will be made 'after Q1' following the introduction of a price cap by the G7.

  • Comes as President Vladimir Putin states that the West's 'desire for global dominance' is increasing the risk of conflict.
  • For Russia, another global event is likely to be of significant interest and potentially concern. Chinese President Xi Jinping is currently in Saudi Arabia meeting with national leaders as well as heads of other Arabian nations.
  • China seeking to bolster ties with Gulf states as relations between Saudi and its historical ally, the US, remain in a poor state.
  • Demand from the West for Russian hydrocarbons has declined markedly, and unlikely to increase any time soon. Should China develop even closer ties with the Gulf states it could see future potential demand for Russian oil and gas from China curtailed.
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