The production cut indicates that the price cap on Russian oil products has had some impact.
MOSCOW, Russia – Russia will cut oil production by 500,000 barrels per day, or around 5% of output, in March, Deputy Prime Minister Alexander Novak said on Friday, February 10, after the West imposed price caps on Russian oil and oil products.
“As of today, we are fully selling the entire volume of oil produced, however, as stated earlier, we will not sell oil to those who directly or indirectly adhere to the principles of the ‘price cap,’” Novak said in a statement.
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