The Briefing Room
General Category => World News => Topic started by: libertybele on December 09, 2022, 09:56:16 pm
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Putin says Russia could cut oil production over 'stupid' price cap
Russia, the world's biggest exporter of energy, could cut oil production and will refuse to sell oil to any country that imposes the West's "stupid" price cap on Russian oil, President Vladimir Putin said on Friday.
The Group of Seven major powers, the European Union and Australia last week agreed to a $60 per barrel price cap on Russian seaborne crude oil after EU members overcame resistance from Poland.
"As for our reaction, I have already said that we simply will not sell to those countries that make such decisions," Putin told reporters in the Kyrgyz capital, Bishkek.
"We will think, maybe, even about a possible, if necessary ... reduction in production."
Putin, who rules the world's second largest oil exporter after Saudi Arabia and the largest gas exporter, said Russia had a production agreement with other members of the OPEC+ oil producers' club, so such a drastic step was still only a possibility.
https://www.reuters.com/business/energy/putin-russia-will-not-lose-out-oil-price-cap-2022-12-09/
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The very definition of cutting off one's nose to spite one's face.