ACCORDING to its energy ministry, Saudi Arabia will maintain a production of 1-M barrels of oil a day through the end of the year.
Meanwhile, Russian deputy Prime Minister Alexander Novak said Moscow would continue to voluntarily reduce oil export volume of 300,000 barrels per day until the end of the year.
Novak also said that it will conduct a market analysis to decide whether it continues to reduce the cuts or increase the output.
The deputy prime minister on Tuesday dismissed the oil price cap set by the group of seven and the European Union (EU), saying that the crude oil will trade at market prices.
To recall, in December 2022, the EU and the G7 placed a price cap of $60 per barrel on Russian seaborne crude oil.
Under the price cap, insurance, finance and other services for Russian oil shipments will be banned if oil sells for more than $60 a barrel.
This February, the EU and G7 adopted further price caps for seaborne Russian petroleum products in a move to reduce Russia’s energy income.
In response to the western cap, Russia’s President, Vladimir Putin, made rules in February 2023 that said Russia won’t sell oil to countries that follow the price cap.
Novak earlier explained that the first price cap was a bad idea and that Russian companies are now following Putin’s rules carefully.
This is happening while oil prices around the world are rising because OPEC and other countries, including Russia, are making less oil.
