2 Dec 2022 14:00

Novak: EU embargo will not affect oil output in Russia in Dec; we believe there will be demand going forward

SAMARKAND. Dec 2 (Interfax) - The European Union's embargo on purchasing Russian oil, which enters into effect on December 5, will not affect the level of oil production in Russia in December, as the contracts have already been signed, Deputy Prime Minister Alexander Novak said.

"In terms of the December placements and contracts, they were contracted back in late October and early November, so we do not expect any changes for December, and the contracts are being implemented," Novak said.

According to Novak, there is still no clarity regarding January, as there are many uncertainties on the market.

"In terms of January, contracting is now underway, so let us see how it goes. There are many uncertainties, though, nevertheless, our oil is in demand on global markets. We believe that it will be in demand," the deputy prime minister emphasized.