Three sources in the Russian oil market said the country plans to cut oil exports from its western ports by up to 25% in March versus February
Russia plans to cut oil exports from its western ports by up to 25 per cent in March versus February, exceeding its announced production cuts in a bid to lift prices for its oil, three sources in the Russian oil market said.
Russian officials said the voluntary output cuts in March would last one month and would follow the start of Western price caps on Russian oil on Dec 5. and oil products on Feb. 5. The cut will be made from January output levels. U.S. treasury officials have said the Russian decision to cut oil production reflects its inability to sell all its oil.
The G7 group of industrialized nations has agreed to put a price cap on Russian oil at $60 per barrel.
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