Artem_Egorov
WTI crude futures (CL1:COM) advanced 2.5% to regain the $80/bbl level after Russia said it will cut oil output by 500,000 barrels a day next month. Brent futures (CO1:COM) climbed 2.4% to $86.50/bbl.
Moscow said the output decrease, which is around 5% of its production, was in response to sanctions such as price caps on crude and oil products that are an “intervention in market relations and an extension of destructive energy policies of the collective West.”
It’ll also deepen the 2M bpd curbs announced late last year by OPEC+, and comes as Russia is said to prepare for a fresh offensive in Ukraine ahead of the one-year anniversary of the war that started on Feb. 24, 2022.
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