Russia said Friday it would cut oil production by 500,000 barrels a day in retaliation for Western sanctions on its crude and refined oil exports, which came into full force earlier this week.
WHITE HOUSE DENIES REPORT THAT US BLEW UP NORD STREAM PIPELINES
Delegates for OPEC+, the group of oil-producing nations and Russia, told Reuters that they were aware of Russia's planned cuts and did not plan to raise their production output targets on the news. The cap is designed to keep Russian products on the market while depriving Russian President Vladimir Putin of his revenue funding the war in Ukraine.
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Russia says it will cut oil production over Western capsRussia 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.
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Russia says it will cut oil production over Western capsRussia 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...
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