© Yegor Aleyev/TASS
Bloomberg: Oil Price-Cap Plan Spurs Fear It Could Trigger Russian Output Cut
(Bloomberg) -- Russia could cut its oil production by as much as 3 million barrels per day if the European Union and US proceed with a plan to cap prices, market experts have warned.
The comments come as EU countries on Wednesday reached a compromise on a new package of Russian sanctions, and as OPEC+ nations including Russia agreed separately on a production cut to support global prices.
The EU pact includes support for the price cap on oil sales to third countries, a measure designed to curb Russia’s revenues while keeping its oil flowing to international markets.
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Update: Russia threatens to cut its oil output to counter a US-led cap on prices (Market Insider)
WNU Editor: Russia will not cut its oil production. It will just sell its resource to non-Western customers. In fact. Russia has been increasing its oil production .... Russia Boosts Oil Output Despite Western Pressure – Kommersant (Moscow Times).