Russia Said to Be Cutting Oil Output 500,000 b/d in March
MOSCOW — Russia plans to cut its oil output by 500,000 barrels per day beginning in March, Russian Deputy Prime Minister Alexander Novak said on Friday.
The pronouncement was first reported by Oil and Gas Journal.
The cut is a direct consequence of sanctions and other punishments imposed against Russia after its unprovoked invasion of Ukraine one year ago.
Since then the G7 has imposed a price cap on Russian oil and other petroleum products.
The planned cut is roughly equivalent to 50.5% of world supply.
“We will not sell oil to those who directly or indirectly adhere to the principles of the price ceiling,” Novak said in a statement.
“In relation to this, Russia will voluntarily reduce production by 500,000 b/d in March. This will contribute to the restoration of market relations,” he added.
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