FILE - An oil tanker is moored at the Sheskharis complex, part of Chernomortransneft JSC, a subsidiary of Transneft PJSC, in Novorossiysk, Russia, on Oct. 11, 2022. A Russian official says the country will will cut oil production by 500,000 barrels per day next month in response to the West capping the price of its crude over the war in Ukraine. According to multiple Russian news media reports, Deputy Prime Minister Alexander Novak said Friday, Feb. 10, 2023 that “we will no…
February 12, 2023
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Russia announces cut to oil output over Western price caps
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.