Russia to cut oil output by 5% as sanctions bite | CNN Business

Russia will cut crude oil production by half a million barrels per day starting in March, a little over two months after the world’s major economies imposed a price cap on the country’s seaborne exports. “We will not sell oil to those who directly or indirectly adhere to the principles of the price ceiling,” Russian Deputy Prime Minister Alexander Novak said in a statement. “In relation to this, Russia will voluntarily reduce production by 500,000 barrels per day in March.

group of producers, which includes Saudi Arabia. decided in October to cut output by 2 million barrels per day and has not adjusted that stance since. A potential drop in global oil supply could come at a tricky time. China’s swift reopening of its economy in December after almost three years of strict coronavirus restrictions has pushed up estimates for global oil demand. Last month, the International Energy Agency said it expected global demand to surge by 1.9 million barrels per day to reach an all-time high of 101.

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Seems Gas/ Petrol & Diesel price going to up...

limiting Supply, the next strategy. Low Supply = High Price, fight against the price cap set by the west. We the people again are going to suffer endless price increases.

It's an energy war.

Good move. Western hypocrisy should not be tolerated

Smart move, force Biden to sell off the rest of the SPR and accelerate the path to inevitable US hyperinflation once the SPR is empty

Good move

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