• 4 minutes Energy Armageddon
  • 6 minutes "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 12 minutes "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 4 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 hours Is Europe heading for winter of discontent with extensive gas shortages?
  • 2 days Wind droughts
  • 6 days "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 2 hours Kazakhstan Is Defying Russia and Has the Support of China. China is Using Russia's Weakness to Expand Its Own Influence.
  • 12 hours ""Green" Energy Is a Scam. It Isn't MEANT to Work." - By James Corbett of The Corbett Report
  • 4 days Oil Prices Fall After Fed Raises Rates
  • 6 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 12 days "Russian oil executive and Putin critic Ravil Maganov dead after mysterious six-story fall" - The New York Post
  • 3 days 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 9 days Beware the Left's 'Degrowth' Movement (i.e. why Covid-19 is Good)
  • 12 days The Federal Reserve and Money...Aspects which are not widely known
  • 13 days How Far Have We Really Gotten With Alternative Energy

Breaking News:

Gasoline Draw Sends Oil Prices Higher

How OPEC+ Could Send Oil Prices Soaring Again

How OPEC+ Could Send Oil Prices Soaring Again

WTI crude continues to trade…

U.S. Crude Exports Are Increasingly Competitive

U.S. Crude Exports Are Increasingly Competitive

As the differential between Brent…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Novak: Russia Will Not Export Oil If Price Cap Is Below Production Cost

  • Novak: Russia will not pump oil at a loss.
  • The United States hopes that there will be an agreement on capping the price of Russian oil by December.
  • Russia’s exports of crude and refined products held resilient in June.

Russia will not supply oil to the global markets if the price cap being discussed is set at a level below Russia’s cost of production, Russian Deputy Prime Minister Alexander Novak told state television on Wednesday.

“If the price cap they are talking about is lower than the cost of crude oil production…naturally Russia will not supply that crude on the global markets, which means that we will simply not pump oil at a loss,” Novak was quoted by news agency TASS as saying.  

For weeks, the U.S. and partners have been discussing ideas to cut Vladimir Putin’s revenues, including banning all services enabling Russian oil shipments unless buyers pay for Russia’s oil at or below a certain price.

“A price cap on Russian oil is one of our most powerful tools to address the pain that Americans and families across the world are feeling at the gas pump and the grocery store right now,” U.S. Treasury Secretary Janet Yellen said earlier this month at the Group of 20 finance ministers and central bank governors meeting in Bali, Indonesia. 

The United States hopes that there will be an agreement on capping the price of Russian oil by December, U.S. Deputy Treasury Secretary Wally Adeyemo said at the Aspen Security Forum in Colorado on Wednesday.  

Russia’s exports of crude and refined products held resilient in June, while export revenues jumped due to the higher oil prices, according to the International Energy Agency (IEA). Russian crude and product exports dropped by 250,000 bpd from May to average 7.4 million bpd in June, the IEA said in its latest Oil Market Report. Although the export volumes last month were the lowest since August 2021, Russia’s export revenues increased by $700 million from May on higher oil prices, to $20.4 billion in June, or 40% above last year’s average, the IEA said.  

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News