Russia will extend until June the voluntary reduction of its crude oil extractions of 500,000 barrels per day initially announced only for this month of March, Russian Deputy Prime Minister Alexandr Novak announced on Tuesday.
“In view of the situation on the market, the decision to reduce extractions in 500 thousand barrels per day will run until June 2023including,” the head of the Russian energy sector told reporters.
According to the deputy prime minister, Russia is currently close to reaching the planned level of reduction in extractions, which will be achieved in “the next few days”.
He warned that “currently the world oil market is under negative pressure of unprecedented man-made factors, which creates great volatility and uncertainty”.
According to Novak, these factors include the “myopic energy agenda of Western countries which aims to deprive traditional energy sectors of investment and introduces illegal restrictions on the free circulation of energy products and embargoes on supplies of crude oil and petroleum products”.
No less dangerous, said the deputy prime minister, are attempts to implement the price cap mechanism, as has been done with Russian oil and crude oil products by the West.
“The risk of multiplying these attempts leads to the destruction of the investment climate in cyclical industries and punishes the consumer“, he warned.
AH
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