The Kremlin said it would be announcing a temporary cut in production in response to the news.
by OPEC+, the cartel of oil-producing nations that all but controls global oil prices.
The price cap—which comes amid a bevy of new sanctions from the EU—would be implemented throughout the winter and, in theory, would seek to further reduce Russia's revenues from oil exports while allowing Europe to meet some of its existing energy demand. According to national economic data, the vast majority of Russia's government is funded by revenues from oil and gas exports. And the European Union's member nations, particular those on the eastern side of the continent, are among the nation's biggest customers.
The move by the EU has been supported by many of its member countries as a means to cripple the country's ability to wage war in Ukraine as its military's resolve has reportedly begun to fade and as the Kremlin has increasingly sought arms and munitions from outside its borders. Saudi Arabia's Minister of Energy Abdulaziz bin Salman gestures during a press conference after the 45th Joint Ministerial Monitoring Committee and the 33rd OPEC and non-OPEC Ministerial Meeting in Vienna on October 5. The European Union moved to implement a price cap on Russian oil exports Thursday to limit potential Russian profits from a recently announced production cut by OPEC+.
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