Oil Prices Rise on Russian Announcement of Crude Output Cut in March
Learn about the impact of the latest Russian crude oil production cuts in response to the G7’s price caps
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To date, restrictions have not had a major impact on Russian crude oil production volumes, but oil prices rose on February 10, 2023 after Russian Deputy Prime Minister Alexander Novak announced that Russia will cut crude oil production by 500,000 b/d in March, in a countermove to the G7's price caps.
In this article we examine the impact of lower Russian production on the oil market and beyond, and the key sanctions and counter-sanctions affecting Russian commodities production, sale, and export.
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