Speaking to Rossiya-24 TV station after an online meeting of top ministers from the OPEC+ group of oil-producing countries, he also said the current level of oil prices was acceptable, while demand may improve as China is recovering from COVID. An OPEC+ panel endorsed the oil producer group's current output policy at a meeting on Wednesday. (Reporting by Vladimir Soldatkin and Olesya Astakhova; Editing by Jan Harvey)
@vsoldatkin;)) (Adds detail, quote)
MOSCOW, Feb 1 (Reuters) - Russian Deputy Prime Minister
Alexander Novak said on Wednesday that the situation with oil
output and exports in the country is stable, despite Western
price caps and sanctions.
The G7 economies, the European Union and Australia agreed to
ban the use of Western-supplied maritime insurance, finance and
brokering for seaborne Russian oil priced above $60 per barrel
from Dec. 5 as part of Western sanctions on Moscow over its
actions in Ukraine.
Novak did not elaborate on output and exports volumes.
Russia, the world's second-largest oil exporter, produced 535
million tonnes (10.7 million barrels per day) of crude last
year, up from 524 million tonnes in 2021.
"All the necessary measures were taken, by our companies,
first of all, to find new supply chains, markets, transportation
of our oil - it finds its demand in other markets," Novak said.
"I will not name them specifically, because the situation
today requires great confidentiality," he added.
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