Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
IRGC statement: Repetition of evil will lead to the realization of the common aspiration of the Islamic nation and free peoples to eradicate the cancerous gland of Zion.
IRGC statement: Any repetition of evil will accelerate the collapse of the US military establishment in the region.
IRGC statement: US bases and mobile military targets in the region are not a strength of this national defense, but rather a weakness.
IRGC statement: Iran will not leave any attack on its territorial integrity, sovereignty, or national security unanswered under any circumstances.
IRGC statement: This base is the headquarters of the Air Force and the largest strategic asset of the terrorist American army in the West Asia region.
IRGC statement: We targeted Al Udeid base in Qatar with a powerful and devastating missile attack as part of Operation Annunciation of Victory.
Explosions heard across Doha: AFP journalists
Qatari Ministry of Foreign Affairs: Qatar temporarily closes its airspace "for the safety of citizens, residents, and visitors."
Al Mayadeen: Israeli warplanes raid the outskirts of Al-Aishiya and Al-Mahmoudiya, Southern Lebanon.
Israeli media: Direct damage from Iranian bombing of "Israel" in one week is estimated at approximately 5 billion shekels (about $1.35 billion)

Russia planning to ban oil supplies to countries requiring price cap

  • By Al Mayadeen English
  • Source: Agencies
  • 23 Dec 2022 09:44
  • 1 Shares
3 Min Read

The Russian Deputy PM stresses that Russia will respond to the oil price cap set by the G7 countries and the European Union.

  • x
  • Russian Deputy Prime Minister Alexander Novak (Reuters)
    Russian Deputy Prime Minister Alexander Novak (Reuters)

Russian Deputy Prime Minister Alexander Novak pointed out on Friday that Russia is planning to ban oil deliveries to countries requiring compliance with the oil price cap and is ready to cut oil production by 5-7% in early 2023 as a response measure to the price cap imposed by the West on Russian crude oil.

Novak reminded of Russia's planned decree that will respond to the oil price cap set by the G7 countries and the European Union.

"A ban on the supply of oil and oil products to those countries and those entities that will require compliance with the oil price cap in the contracts is a part of that decree," the Russian diplomat said in an interview with the Rossiya 24 broadcaster.

"We are ready to partially reduce [oil] production; at the beginning of the next year, we may have a decrease of some 500,000-700,000 barrels a day. This is about 5-7% for us," Novak explained, highlighting that this volume is insignificant, but "such risks exist."

Oil production in Russia to rise, gas production to drop

Related News

Iran says US, 'Israel' crossed 'red line' as Araghchi heads to Moscow

Russia’s central bank cuts interest rate in a first since 2022

In the same context, Novak pointed out that oil production in Russia will increase by 2% to 535 million tons and oil refining will increase by 5%, but the gas output will decrease by 18-20% to 671 billion cubic meters by the end of 2022.

"By the end of the year in the oil industry, we will even have a 2% increase in production to 535 million tons compared to last year. We will produce about 5% more petroleum products than last year," the Russian Deputy Prime Minister told Rossiya 24.

He added that "there is a partial decrease in the gas industry, about 18-20%. Nevertheless, our gas industry will produce 671 billion cubic meters of gas this year. This is also a large volume, of which about 470 billion cubic meters will go to the domestic market."

On Thursday, Russian President Vladimir Putin signed a decree on the application of special economic measures in the sphere of natural gas supplies due to unfriendly actions of the US and countries and organizations joining such actions.

On the same day, the Russian leader considered that the introduction of a price cap on natural gas "will not lead to anything good," adding that the cap is "another attempt at administrative regulation of prices."

Putin warned that the price cap on Russian oil may lead to the disintegration of the world’s energy sector and skyrocketing prices.

Read more: Russia-India trade to break record in 2022

  • Moscow
  • G7
  • Russia
  • Alexander Novak
  • European Union
Russia & NATO

Russia & NATO

As the Draconian Western-led sanctions on Russia exacerbate the economic crisis worldwide, and as Russian troops gain more ground despite the influx of military aid into Ukraine, exposing US direct involvement in bio-labs spread across Eastern Europe and the insurgence of neo-Nazi groups… How will things unfold?

Most Read

Iran launches 9th wave of Op. True Promise 3, destroys IOF air defense

Iran launches 9th wave of Op. True Promise 3, destroys IOF air defense

  • MENA
  • 17 Jun 2025
Israeli workers survey the site where a missile launched from Iran struck in Haifa on Sunday, June 22, 2025. (AP)

True Promise 3, wave 20: 40 missiles launched, Kheibar-Shekan in first

  • Politics
  • 22 Jun 2025
Rescue team work at the site where a missile launched from Iran struck Tel Aviv, Israel, Monday, June 16, 2025 (AP)

Wave 12 of Operation True Promise 3 launched, Sejjil deployed: IRGC

  • Politics
  • 18 Jun 2025
Iran launches missile barrage to Tel Aviv, casualties reported

True Promise 3, wave 14: Tel Aviv targeted, casualties reported

  • Politics
  • 19 Jun 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
Spain's Foreign Minister Jose Manuel Albares Bueno speaks with the media as he arrives for a meeting of EU foreign ministers at the European Council building in Brussels, Monday, June 23, 2025. (AP Photo/Virginia Mayo)
Politics

Spain seeks immediate suspension of EU association pact with 'Israel'

Israeli settlers evacuate a building damaged in an Iranian missile strike in Tel Aviv, Sunday, June 22, 2025. (AP)
Politics

Tel Aviv streets ghostly; settlers flee under Iranian missile fire

Trump’s secret Iran strike uncovered in explosive CNN report
Politics

Behind the scenes: Trump's decision to strike Iran mapped - CNN

The oil tanker Palanca Rio arrives in Portland, Maine, the United States, Wednesday, April 2, 2025 (AP)
Economy

Oil prices spike as US-Israeli aggression on Iran sparks concerns

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS