Russia cuts oil production more than anticipated – Bloomberg ...News

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Russia cuts oil production more than anticipated – Bloomberg
Moscow has reduced its crude output in retaliation to Western sanctions Russia slashed its oil output in March by 40% more than previously announced, Bloomberg has reported, citing a source familiar with Energy Ministry data. The decline was the equivalent of around 700,000 barrels per day (bpd), the outlet stated. In February, Russia pledged to voluntarily reduce oil production by 500,000 bpd, starting from March. The move was part of retaliations to sanctions, and saw sales halted to buyers that comply with a Western-imposed price ceiling of $60 per barrel on Russian oil. However, the actual reduction turned ou

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