RUSSIA TO REDUCE OIL PRODUCTION AND REFUSE TO SELL OIL TO IMPOSERS OF PRICE CAP

The oil caps imposed by the West, according tornVladimir Putin, are stupid, and will cause oil prices tornu2018skyrocketu2019.
There is a possibility that Russia willrncut down its production due to these caps, Putin said as hisrnreaction to the oil caps.Last week, the Group of 7 Major Powers,rnAustralia, and the European Union imposed an oil cap of $60 per barrel on thernRussian seaborne crude oil after the EU members overcame the resistance fromrnPoland.Vladimir Putin thrashed the West by claimingrnthat they would not sell their oil to all the countries imposing thernWestu2019s oil caps. He even said that there is a possibility that they will cutrndown on oil production.
But Putin also mentioned the agreement they madernwith the OPEC countries regarding oil production. He specified that such arndrastic step would come after discussion.Much of Russia’s foreign revenue comes fromrnselling oil to Europe. Despite this, Putin mentioned that their financesrnwould work fine even if they do not sell their oil. He went on to say that thernprices will not affect because of the Westu2019s quest for global dominance.rnrnrnrnrnrnrnrnrnrnrnrnrnrnrnrnThe concrete sanctions will be given after a thorough discussion, and the final answers will be mentioned in the decree ofrnthe President of Russia, which will be released in a few days.