"[Russia's oil production amounted to] 488 [million tonnes] in 11 months, yes. It is an increase of 2.2%," Novak told reporters.
Last week, the European Union reached an agreement on setting a price cap on Russian oil at $60 per barrel, which went into effect on Monday. The price cap will be reviewed every two months to remain at 5% below International Energy Agency benchmark. The Group of Seven (G7) nations and Australia also agreed on the same day to set a $60 price cap on Russian oil.
Kremlin spokesman Dmitry Peskov said that Moscow was preparing a response to the decision by the US-led collective West to introduce a price cap on Russian oil and will never recognize the measure.