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Asharq Al-Awsat
Asharq Al-Awsat
Business
Asharq Al-Awsat

Deputy PM: Russia Has No Need to Cut Oil Output

Russia Oil Alexander Novak European Union RBC
A general view shows the Taneco refinery complex, which is part of Russia's oil producer Tatneft group of companies, in Nizhnekamsk, in the Republic of Tatarstan, Russia, July 26, 2017. REUTERS/Sergei Karpukhin/File Photo

Russia has no need to cut its oil output in response to the European Union's embargo, Deputy Prime Minister Alexander Novak told RBC business channel on Thursday.

According to Reuters, he earlier said he expected Russia's annual oil production for 2022 would be about 500 million tons, down from 524 million tons last year.

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