OPEC+ agrees major cuts to production quotas Urals currently trading at a discount of around $25 Russian Deputy Prime Minister Alexander Novak said Oct. 5 that a planned price cap on Russian oil could result in a temporary drop in production. Not registered? Receive daily email alerts, subscriber notes & personalize your experience. Register Now Novak’s remarks came in an interview with Bloomberg TV. Russia has said it would respond to such a cap by suspending exports to countries that introduce it. Another risk to output and export volumes comes from EU restrictions on Russian oil and oil products exports, as well as shipping insurance, set to come into force by early 2023. These are expected to accelerate a trend for Russia to redirect significant volumes away from traditional markets to non-sanctioning countries. S&P Global Commodity Insights estimates that 3.5 million b/d of previous Russian oil exports to Europe […]