The West’s embargo and price caps won’t affect Russian production, the country’s energy ministry says Russian oil output will not fall off a cliff following the imposition of the EU-G7 price cap on the country’s crude, First Deputy Energy Minister Pavel Sorokin stated on Thursday. He said the majority of markets remain open to Russia due to growing demand, while fluctuations in oil production are not critical. The deputy energy minister explained to reporters that the global oil market is currently experiencing a deficit of supply, particularly in diesel, which will support prices. Meanwhile, data by rating agency
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