Russia could reduce its daily oil output by as much as 7% early in the new year, in response to the US and its allies capping its crude prices, the country's deputy prime minister said Friday.
Novak, who negotiates with the OPEC group of major oil producers on Russia's behalf, described the cuts as"insignificant", but still a potential squeeze on global crude supplies. The European Union and the G7 group of countries – the US, Canada, France, Germany, Italy, Japan and the UK –Refiners, traders, and financers won't be allowed to handle Russian oil unless it was priced below that level, while tankers will be denied insurance unless they trade Russian crude at or under $60 a barrel.
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