According to the official, the decision would restore market relations, and Moscow will act on how the hydrocarbon market behaves.
By late December 2022, Novak noted that Russia might reduce crude oil production between 500,000 and 700,000 barrels a day. In other words, between 5 and 7 percent, in early 2023 due to the end of deliveries to countries that comply with a top price of 60 dollars per barrel.
Friday’s announcement immediately pushed crude oil futures up.
Brent crude futures rose 2.06 percent more to reach 86.22 dollars per barrel, while West Texas Intermediate (WTI) crude in March settled at 79.06 dollars per unit.