Russian President Vladimir Putin.Alexei Nikolskyi/RIA Novosti/Kremlin Russia is considering slashing its oil production in response to the Western price cap, Vladimir Putin said on Friday. The Russian president also said Moscow wouldn't be financially affected by the price cap, calling the mechanism "stupid." If Russia cuts output, it could spur volatility and send crude prices higher, experts have warned. Russia will consider slashing its oil output in retaliation to the G7 and European Union's price cap, according to President Vladimir Putin."We will think, maybe even about the possible, if necessary … reduction in production," he said at a press event on Friday.
Putin Calls Oil Price Cap 'stupid,' and Says Russia Is Considering Slashing Oil Production In Response
jsor@insider.com (Jennifer Sor), Business Insider
Fri, 12/09/2022 - 8:50am
Topics: russian president vladimir alexei nikolskyi/ria novosti/kremlin western the russian moscow if russia g7 european union west stupid reuters on monday asia ukraine jpmorgan turkey business insider president vladimir russian russia putin russia eu oil price price cap oil production in response prices warned crude energy supply output friday sanctions send insurance higher countries experts shipping
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