Russian Deputy Energy Minister Pavel Sorokin sought to convince Western analysts that Russia is indeed reducing its oil production by 500,000 barrels per day as pledged earlier this year during a rare call with analysts this month, sources familiar with the call told Reuters on Thursday. Russia warned in February that it would cut its crude oil production by 500,000 bpd due to EU import bans and price caps on its crude oil and oil products. Initially, Russia said this lowered production would apply to March. But Deputy Prime Minister…
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