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Putin Threatens To Slash Oil Production, Starve European Countries Of Fuel

Russian President Vladimir Putin said Friday that his nation may cut crude oil production in response to the Group of Seven Nation’s (G7) price cap on Russian crude, Bloomberg reported Friday.

The G7, which includes the U.S. and Australia, imposed a $60 per barrel price cap on seaborne Russian oil on Dec. 5 to target Moscow’s oil revenues which are helping fund its invasion of Ukraine. Putin told reporters on Russian state TV that Russia will consider cutting production due to the price cap and added that he would soon announce a presidential decree to further respond to G7’s move, according to Bloomberg.

“I’m not saying now that this is a decision, but if necessary we’ll think about possible production cuts,” Putin said.

Putin stated that Russia would not be financially affected by the $60 cap as the country already sells oil at around such a price and also reiterated that he would not sell oil to countries that impose a price cap, according to Bloomberg.

The average price of Urals crude, the Russian oil benchmark, is currently $53.23 per barrel, according to OilPrice. Russia is already selling substantial amounts of oil at a discounted price to countries like China which are not participating in the price cap framework, according to Reuters.

President Joe Biden banned Russian oil, natural gas and coal imports in March in response to Russia’s invasion of Ukraine. Sanctions as well as sabotage have caused Russia’s share of worldwide energy imports to decline, exacerbating global energy shortages and hiking fuel prices.

The White House and Russian Embassy in Washington, D.C. did not immediately respond to the Daily Caller News Foundation’s request for comment.

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One Comment

  1. This is the result of 20 years of Europe’s “Green New Deal” shutting down their nuclear and coal fired plants only to become totally dependent on Russian gas and oil. Trump warned them and they ignored him. The biggest irony is that if we had continued with our energy independence and growing surplus we could be supplying Europe with gas and oil instead of Russia and we wouldn’t be begging OPEC and Venezuela or robbing our strategic reserves for oil. That it has all been a scam should be obvious to everyone as Europe’s inflation is now worse than the U.S. and their electricity costs have risen 1000% in some places and businesses are having to close down because they can’t afford their utilities. Now they threaten to fine and jail their own citizens for turning up the heat too high.

    What’s even more bizarre is that Joe Biden and the Democrats just gleefully passed their laughably called “Inflation Reduction Act” which actually will increase inflation and is nothing but a 730 billion dollar Green New Deal slush fund for their Democrat donors and pet projects. This while California and four other states want to ban gas vehicles by 2030 yet they can’t even keep the electricity on long enough to charge the electric vehicles they already have and last summer told people to turn their thermostats up over 78 degrees in a heat wave. It’s so ridiculous and completely avoidable, especially when we have enough abundant energy to power the whole country for 500 years.

    Wake up America. Unless you vote these useless Democrat ideologues out of office you will deserve the dystopian, universally poor, dangerous, lawless, racist, society that you will leave to your children and grandchildren.

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