Russia's Novak on Oil Cuts, Price Caps

The transcript discusses two major decisions: cutting quotas and extending the Declaration of Cooperation until the end of 2023, providing market stability. It highlights the importance of these decisions in balancing the market, especially before the winter season. The discussion also covers potential challenges in February 2023, including sanctions and a price cap, which Russia views as harmful market interference. Russia warns against supplying countries that adopt the price cap mechanism.

What were the two important decisions taken regarding quotas?

How has the extension of the Declaration of cooperation affected market predictability?

What seasonal decline in demand is expected, and how does it relate to the decisions made?

What concerns does Russia have regarding the price cap and market interference?

What will Russia's response be if the price cap mechanism is implemented?