Russia

Russia Increased Oil Production by 2.2% to 488Mln Tonnes in 11 Months: Senior Official

 / Go to the mediabankAn oil pumpjack in Tatarstan, Russia / Go to the mediabankMOSCOW (Sputnik) – Russia increased oil production by 2.2% up to 488 million tonnes over the 11 months of 2022, Russian Deputy Prime Minister Alexander Novak said on Tuesday.”[Russia’s oil production amounted to] 488 [million tonnes] in 11 months, yes. It is an increase of 2.2%,” Novak told reporters.Last week, the European Union reached an agreement on setting a price cap on Russian oil at $60 per barrel, which went into effect on Monday. The price cap will be reviewed every two months to remain at 5% below International Energy Agency benchmark. The Group of Seven (G7) nations and Australia also agreed on the same day to set a $60 price cap on Russian oil.WorldBeijing on Oil Price Cap: All Should Make Constructive Efforts to Secure Global SuppliesYesterday, 07:53 GMTKremlin spokesman Dmitry Peskov said that Moscow was preparing a response to the decision by the US-led collective West to introduce a price cap on Russian oil and will never recognize the measure.

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