Russia’s daily crude oil production so far this month has been in line with January’s output of between 9.8 million barrels per day (bpd) and 9.9 million bpd, Deputy Prime Minister Alexander Novak said

Novak also told reporters that Moscow would come up with counter-measures by the start of March to the European Union’s embargo on Russian oil products introduced last week.

He on Wednesday that European Union moves to add what he called “exemptions” to its price cap on oil products showed that Russian oil was still in demand.

Novak said European consumers would not be able to make do without Russian oil products.

“And without our oil products, there will actually be a large shortage and price increases,” he told reporters.

Western countries also imposed a ban on purchases of seaborne Russian oil in December and introduced a price cap of $60 per barrel, which is still above the current price of Russia’s flagship Urals crude blend.
Source: Reuters