Russia to cut oil output by 5% as sanctions bite ...Egypt

London CNN  —  Russia will cut crude oil production by half a million barrels per day starting in March, a little over two months after the world’s major economies imposed a price cap on the country’s seaborne exports. “We will not sell oil to those who directly or indirectly adhere to the principles of the price ceiling,” Russian Deputy Prime Minister Alexander Novak said in a statement. “In relation to this, Russia will voluntarily reduce production by 500,000 barrels per day in March. This will contribute to the restoration of market relations.” The cut is equivalent to about 5% of Russian oil output. Futures prices for Brent crude, the global benchmark, rose 1.7% Friday to $86 a barre

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