Russia To Slash Crude Oil Output By 5% Over West’s Price Cap
Russia will cut crude oil production by 5% next month, Deputy Prime Minister Alexander Novak announced on Friday, in response to the price ceiling imposed by Western countries.
“Russia will voluntarily reduce production by 500,000 barrels per day in March. This will help restore market relations,” Novak said, according to Russian news agencies, adding that the decision was made by Moscow. unilaterally proposed.
Russia is part of an alliance with OPEC that meets regularly to decide on oil output levels. Due to Moscow’s military activity in Ukraine, the West has limited the price at which Russia can sell its crude oil.
News of Russia’s production cuts supported world oil prices on Friday.
The international benchmark, North Sea Brent crude, rose 2.3% to $86.48 a barrel.
The New York-based WTI contract rose 2.5% to $80.01.
“Oil rose sharply… as Russian Deputy Prime Minister Novak said the country would cut output by 500,000 barrels from March,” noted Neil Wilson, an analyst at trade group Finalto.
(Except for the title, this story has not been edited by NDTV staff and is published from an aggregated feed.)
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