Russia To Cut Its Oil Output By 500,000 Barrels Per Day Starting In March

CNBC: Oil prices posts gains after Russia says it will cut output by 500,000 barrels a day

* Russia will cut oil output by 500,000 barrels per day in March, Deputy Prime Minister Alexander Novak said on Friday.

* The announcement follows Western bans on Moscow’s crude and oil products implemented in December and February, respectively.

Russia will cut oil output by 500,000 barrels per day in March, Deputy Prime Minister Alexander Novak said on Friday, following Western bans on Moscow’s crude and oil products implemented in the past few months.

The announced production decline amounts to roughly 5% of Russia’s latest crude oil output, which Paris-based watchdog the International Energy Agency estimated was down at 9.77 million barrels per day in December.

The Brent contract for April delivery was trading at $86.07 per barrel, jumping by $1.57 — nearly 2% — on the news compared to Thursday’s close price. The front-month Nymex WTI contract with March expiry was at $79.44 a barrel, gaining about 1.8% from the previous settlement.

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WNU editor: This was not expected. What this means is higher energy prices in the coming days/weeks .... Oil prices jump after Russia announces production cuts (RT). More here .... Russia's decision to cut oil output may cause global prices to surge to $100 — experts (TASS).

Update: No reaction yet from OPEC .... OPEC Has No Plans To React To Russia's Surprise Production Cut (OilPrice.com). But there has been reports that OPEC may consider production cuts in the coming weeks.

Russia To Cut Its Oil Output By 500,000 Barrels Per Day Starting In March

Russia to cut oil output by 500,000 bpd from current production levels — source -- TASS

Russia to cut oil production in response to Western sanctions -- RT

Russia announces cut to oil output over Western price caps -- AP

Russia to cut oil output by 500,000 bpd in March -- Reuters

Russia to Cut Oil Output in Response to Western Sanctions -- NYTimes

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

Russia cuts oil production by 5 percent, prices climb -- The Hill

Oil Prices Rise as Russia Announces Hefty Output Reduction -- Sputnik

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