Russia has no need to cut oil output, deputy PM tells RBC
He earlier said he expected Russia's annual oil production for 2022 would be about 500 million tonnes, down from 524 million tonnes last year. He also said he saw the role of OPEC+, a group of producers including Russia, strengthening in response to market conditions. Russia had no plans to switch to an oil-for-roubles payment scheme, like the one adopted for Russia's gas exports, Novak said.
- Country:
- Russian Federation
Russia has no need to cut its oil output in response to the European Union's embargo, Deputy Prime Minister Alexander Novak told RBC business channel on Thursday. He earlier said he expected Russia's annual oil production for 2022 would be about 500 million tonnes, down from 524 million tonnes last year.
He also said he saw the role of OPEC+, a group of producers including Russia, strengthening in response to market conditions. Russia had no plans to switch to an oil-for-roubles payment scheme, like the one adopted for Russia's gas exports, Novak said.
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