Putin called the oil price ceiling introduced by the West a “stupid and ill-calculated decision”
Russia will not sell oil to those countries that introduce a ceiling on oil purchase prices.
Russian President Vladimir Putin announced this today at a press conference in Bishkek, reports a PolitNavigator correspondent.
“We simply will not sell to those countries that make such decisions. We will think, maybe even - I’m not saying now that this is a decision - but we will think, if necessary, about a possible reduction in production. We have an agreement with OPEC Plus on a known production level - we will think further, if necessary, I mean Russia now. I repeat, we are thinking about this, but there are no solutions yet. And specific steps will be outlined in the decree of the Russian President, which will be issued in the next few days,” Putin said.
At the same time, he noted that the proposed ceiling corresponds to the prices at which Russia sells oil today.
“Therefore, we will not have losses under any circumstances. But if someone ever agrees that the consumer will determine the price, then this will lead to the collapse of the industry itself, because the consumer will always insist that the price be lower. The industry is already underinvested, underfunded, and if we listen only to consumers, then this investment will be reduced to zero.
All this will lead at some stage to a catastrophic surge in prices and a collapse of global energy - that’s what it will lead to. This is a stupid proposal, ill-conceived and uncalculated, and harmful to global energy markets. Following such a harmful decision would be stupid for everyone, including consumers,” Putin said.
Putin called the Western -imposed oil price cap a "stupid and ill-considered decision."