Russia says it will reduce oil production in response to West's price caps
Russia announced Friday that will cut oil production by 500,000 barrels per day next month after Western countries capped the price of its crude over its action in Ukraine.
Analysts have said one possible Russian response to the cap would be to slash production to try to raise oil prices, which could eventually flow through to higher gasoline prices at the pump as less oil makes it to the global market.See also: Oil prices climb after Russia announces production cut of 500,000 barrels per day in March
Russia has said it will not sell oil to countries observing the cap, a moot point because Russian oil has been trading below the price ceiling recently. However, the cap, an accompanying European Union embargo on most Russian oil and lower demand for crude have meant that customers in India, Turkey and China have been able to push for substantial discounts on Russian oil.
Asked if Russia consulted OPEC+ members about Moscow’s new production cut, Kremlin spokesman Dmitry Peskov said “there had been conversations with some members of the OPEC+” before the move was announced. He didn’t offer any details.“It’s a voluntary cut; there have been no consultations with anyone regarding it,” the deputy prime minister said, according to the Russian media.
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