Thursday, July 7

Russia says cutting oil production would have risks, require calculation

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The idea of ​​cutting oil production in Russia to further increase prices has risks and would require calculation, Deputy Finance Minister Alexei Sazanov told Reuters on Friday.

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

Novak earlier said he expected Russia’s annual oil production for 2022 would be about 500 million tonnes, down from 524 million tonnes last year. (Reporting by Reuters)

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