Oil Prices Jump After Russia Says It May Cut Production ...Middle East

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Oil Prices Jump After Russia Says It May Cut Production
source : OILPRICE ( Middle East ) () 22
After two weeks of silence in detailing how it would react to the G7 oil price cap, overnight the Kremlin raised the stakes for the west when state-run Tass news service quoted Deputy Prime Minister Alexander Novak as saying that Russia may reduce output by 500,000 to 700,000 barrels a day in response to the cap. While not yet formalized, President Putin plans to sign a decree on the nation’s reaction to the threshold on Monday or Tuesday, containing unspecified “preventive measures." “A risk-on sentiment and a…

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