As Russian President Vladimir Putin said he would sign a decree on Russia’s response to Western price caps on oil, Deputy Prime Minister Alexander Novak said output could be cut by 5 to 7 percent in early 2023.
Speaking to state television on Friday, Novak said Russia could reduce output by 500,000-700,000 barrels per day in response to price caps introduced by the West in early December over Russia’s invasion of Ukraine.
