Oil prices could go up after Russia said it will cut output by 500,000 barrels a day next month
Russia to Slash Oil Production, In Retaliation for Western Sanctions
Crude prices jumped on the news, with Brent erasing earlier losses to rise as much as 2% to $86.50 a barrel as of 8:50 a.m. in London. Prior to this week, the international benchmark had dropped 9% since mid-January, helping to ease inflationary concerns. Moscow’s move deepens the 2 million barrel-a-day supply curbs announced late last year by OPEC+, which Russia leads along with Saudi Arabia. At a committee meeting earlier this month, ministers from the group saw no need to change their production limit, which lasts until the end of 2023.
“OPEC+ might increase their group’s quota or unwind their cuts later this year,” he said. “There is no pressure to change anything production-wise at present.”
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