Novak: Russian oil will always have buyers, Dec sales will be level with Nov

*MOSCOW. Dec 6 (Interfax) - Russian oil has always been in demand in the world market and will always have buyers, given the growth in the economy and limited supply, Deputy Prime Minister Alexander Novak said.

"Global consumption and economic growth needs energy. There is not much oil in the world, and Russian oil has always been and will be in demand. Yes, supply chains will change, but we don't see any tragedy in this," Novak told reporters.

He said the Russian authorities expect sales of Russian oil in December will be level with November, despite the price cap.

"Commercial companies will find means of interaction and to sell the relevant products. Yes, the environment is more challenging, yet we continue to sell oil and will be selling it and using new tools, new insurance mechanisms, interaction between companies and transportation," he said.

Novak said there may in the future be periods when oil production is reduced, but not by very much.

"We are doing everything to ensure that the situation is stable and oil sales are at the levels that we have reached in 2022. I repeat: our oil is in demand on the market, and we do not accept the mechanisms that have been adopted as price restrictions," he said.

Novak said consumer countries are "falling into the same trap" by imposing non-market mechanisms, which in the future may lead to a global decline in investment, energy shortage and subsequent price rises.

The EU's price cap of $60 per barrel of Russian oil went into effect on December 5. Russia does not plan to sell oil to countries that backed it and is looking at ways to ban it.