The reduction may come in response to the G7 price cap on the country’s crude exports, Deputy Prime Minister Aleksandr Novak says Russia will not sell oil to countries that impose a price cap on its crude exports, Deputy Prime Minister Aleksandr Novak warned on Friday. According to Novak, Moscow may respond by reducing oil production by 500,000-700,000 barrels a day in early 2023. Russia is the world’s third biggest oil producer and the cuts would equate to roughly 5-6% of the country’s daily output. The G7 and EU’s $60-per-barrel ceiling on Russian seaborne crude came into force on December 5. The measure, along
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