MOSCOW – Moscow threatened to cut oil production in response to capping Western prices, setting the stage for an escalation of the energy war that is running in parallel conflict in ukraine,
Speaking on state television on Friday, Russian Deputy Prime Minister Alexander Novak Detailed for the first time Moscow’s possible response western price caps, established earlier this month. Mr Novak said Russia could reduce its output by 500,000 to 700,000 barrels a day – which he described as a 5% to 7% reduction in capacity – by early next year.