Nihon Keizai: Russia’s new oil measure will affect the global black gold market

Russia, in response to the embargo and price ceiling on its oil, has decided to limit its production. Such a move would seriously hit the global fuel market, according to Nihon Keizai.

Oil production will be reduced by 500,000 barrels per day from the beginning of next month. Moreover, OPEC + members are not going to compensate for the shortage of energy resources, which will amount to 0.5% of world demand.

Also, Russia refused to supply black gold to countries whose contracts will directly or indirectly mention the price limit. Against this background, the cost of oil has already risen by 2% to $87 per barrel, the authors of the article pointed out.

Meanwhile, the demand for Russian energy resources in the EU continues to remain at a high level. There is no talk of ousting the Russian Federation from European markets, said Yuri Pilipson, head of the fourth European department of the Russian Foreign Ministry.FederalPress“.