Artem_Egorov
WTI crude futures (CL1:COM) superior 2.5% to regain the $80/bbl stage after Russia stated it’s going to reduce oil output by 500,000 barrels a day subsequent month. Brent futures (CO1:COM) climbed 2.4% to $86.50/bbl.
Moscow stated the output lower, which is round 5% of its manufacturing, was in response to sanctions similar to price caps on crude and oil products which can be an “intervention in market relations and an extension of harmful power insurance policies of the collective West.”
It’s going to additionally deepen the 2M bpd curbs announced late last year by OPEC+, and comes as Russia is claimed to arrange for a recent offensive in Ukraine forward of the one-year anniversary of the warfare that started on Feb. 24, 2022.
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