Novak: without Russia’s energy resources it will be difficult to ensure global economic development
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Russia’s energy resources will remain in demand in the world, because without them it will not be possible to ensure economic development around the world, Deputy Prime Minister Alexander Novak said on the air of the Rossiya 24 TV channel.
“Without Russian energy resources, or products that are processed from them into final products, it will be difficult to ensure economic development in the world: improving the quality of life, energy supply, energy security,” he said (quote by Prime).
Hydrocarbons will continue to play a key role in global energy for a long time to come, despite the spread of renewable generation sources, which is why Moscow is confident in the demand for Russian resources, the Deputy Prime Minister added.
Novak also said that Russia forbid oil supplies to countries that have supported the price ceiling, and production in early 2023 may decrease by 500,000 – 700,000 barrels per day, i.e. by 5-7%, while by the end of this year production will increase by 2% compared to 2021. Gas production, according to the Deputy Prime Minister, will decrease by 18-20% in 2022 to 671 billion cubic meters. m.
On December 5, the price ceiling for Russian oil agreed by the European Union in the amount of $60 per barrel came into force along with a ban on the supply of Russian oil by sea to the EU countries. In addition to the EU countries, the G7 countries and Australia also joined the ceiling.
December 19 EU also agreed and a gas price limit of 180 euros per 1 MWh, which corresponds to $1,975 per 1,000 cubic meters. The ceiling will take effect from February 15, 2023. The ceiling will be activated if the gas price at the TTF gas hub in the Netherlands (the most liquid gas hub in the EU) exceeds the agreed level, and the spread to the price of liquefied natural gas (LNG) in the EU will be more than 35 euros per 1 MWh.
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