Russia to decide on increasing oil output after assessing the effects of price caps

Russia’s Deputy Finance Minister said that Moscow will decide whether to increase its oil production based on the results of the first quarter of 2023, following the imposition of an EU embargo on Russian oil exports and a price cap from the West.

Russian President Vladimir Putin criticized the West’s desire to maintain its hegemony on the world scene, considering it responsible for increasing the risks of potential conflict.

“The possibilities of conflict in the world are increasing, and there are direct repercussions for the Western elite’s attempts to maintain its political, financial, military and ideological hegemony by all means,” Putin said.

“They deliberately increase chaos and escalate the global situation,” he added, accusing the West of exploiting Ukraine and using its people as cannon fodder in the conflict with Russia.