RF official statements on oil markets (6-10-22)

The statements from Deputy Prime Minister of the Russian Federation Alexander Novak:

▪️ It is inappropriate for Russia to continue supplying oil to countries that have introduced a price ceiling. The country will stop oil supplies to those countries that will introduce a price ceiling;

▪️ The Russian Federation is ready to supply gas through the second line of Nord Stream 2, this is possible if necessary;

▪️ Neither Russia nor the Nord Stream operators are allowed to investigate pipeline damage. RF insists on its participation in the investigation of incidents;

▪️ Russia has not yet received a response from Denmark to participate in the investigation of the Nord Stream incidents;

▪️ The investigation of the damage to the Nord Streams can be objective only with the participation of Russian specialists;

▪️ Russia is against the introduction of a price ceiling for oil from the Russian Federation, this will lead to an increase in prices;

▪️ Russia will produce 530 million tons of oil this year after the decision of OPEC +, next year 490 million tons;

▪️ Russia partially does not fulfill its quotas within OPEC +, in August it produced 9.9 million b/d instead of 11 million b/d;

▪️ The decision of OPEC+ is connected with the need to balance the market and the slowdown in global economic growth, the risk of recession;

▪️ Russia's quota under OPEC+ will be reduced from 11 million b/d to 10.5 million b/d;

▪️ The Russian Federation considers the price of $70 per barrel comfortable, it is included in the budget;

▪️ The oil price ceiling disrupts all market mechanisms and will have a detrimental effect on the entire oil industry;

▪️ The Russian Federation is against setting prices for Russian products in a non-market way;