The move to cut production comes after the West imposed price caps on Russian oil and oil products
Russia will cut oil production by 500,000 barrels per day, or around 5 per cent of output, in March, Deputy Prime Minister Alexander Novak said on Friday, after the West imposed price caps on Russian oil and oil products.
“In this regard, Russia will voluntarily reduce production by 500,000 barrels per day in March. This will contribute to the restoration of market relations.” The G7, the European Union and Australia agreed to ban the use of Western-supplied maritime insurance, finance and brokering for seaborne Russian oil priced above $60 per barrel from Dec. 5 as part of Western sanctions on Moscow over the conflict in Ukraine.
Russia’s decision to cut oil production was announced only nine days after an OPEC+ panel, in which Russia is a member, endorsed the oil producer group’s current output policy, leaving production cuts agreed last year in place.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Meet the man behind iconic I-500 fur hatsThe man behind the 'extravagant' I-500 fur hats, cozies, pouches, gloves, and more is Bob Leflar of Chippewa Fur Traders, located across the river in Sault Ste. Marie, MI
Read more »
Travellers warned to 'expect some challenges' around March break | CBC NewsWith the nightmare of travel around the Christmas holidays fresh in many people's minds, travellers can't be blamed for fearing the prospect of a repeat at March break.
Read more »
Jodie Turner-Smith FASHION March 2023 Cover StarFrom her iconic red-carpet fashion to her hearty laughter, Jodie Turner-Smith proves she’s no wallflower. Meet the budding fashion icon here.
Read more »
Sexual assault case against retired Catholic priest in P.E.I. deferred until late March | SaltWireSUMMERSIDE, P.E.I. — A retired Catholic priest facing historical sexual assault charges won’t have his case called again until late next month. Maurice ...
Read more »
Canadian men’s soccer team to host Honduras in CONCACAF Nations League game on March 28The League A match at BMO Field in Toronto marks Canada’s first on home soil since the men’s World Cup in Qatar
Read more »
Former B.C. premier John Horgan to step down as MLA in MarchRetirement will trigger a byelection in Langford–Juan de Fuca riding
Read more »