Russia: “No oil for those who want a price ceiling”

For Russian Prime Minister Novak ‘price cap’ is an “absolute nonsense” that risks “destabilizing” the oil market

Russia will stop supplying oil and petroleum products to countries that impose a ceiling on Russian oil prices. This was stated by Russian Deputy Prime Minister Alexander Novak, quoted by the Tass news agency. According to Novak, the ‘price cap’ is an “absolute nonsense” that risks “destabilizing” the oil market.

It is “irresponsible” to give up Russian gas altogether. German Chancellor Olaf Scholz is convinced of this and says: ” I don’t think it’s responsible to do it alone ”. However, Germany is prepared to handle the fact that Russia can turn off the gas taps at any moment, he said. “Even if the situation gets really tough, we will get through the winter,” said Scholz.

The Russian giant Gazprom, in the January-August period, according to preliminary data, reduced gas production by 14.6% compared to the same period last year to 288.1 billion cubic meters. Gas exports to non-CIS countries in the 8 months decreased by 37.4% (by 49.1 billion cubic meters) to 82.2 billion cubic meters. Over the same period, Gazprom’s average daily export in August increased by nearly 8% from the July level of 222.6 million cubic meters.

Russian gas exports to China via the Power of Siberia pipeline continue to grow under a long-term bilateral contract between Gazprom and CNPC. Deliveries regularly exceed the contract’s daily quantities, Gazprom said in a statement.

As for gas supplies to Europe, in the first 8 months of the year global demand decreased by 73%.