Moscow to cut oil output by 500,000 bpd in March

Shafaq News/ Moscow would cut oil production by 500,000 bpd (around 5% of output) in March, Russian Deputy Prime Minister Alexander Novak said.

In a statement, Novak pointed out that Russia will sell the entire volume of oil produced but not to those who "adhere to the principles of the price cap."

"Russia believes that the 'price cap' mechanism in the sale of Russian oil and oil products is an interference in market relations and a continuation of the destructive energy policy of the countries of the collective West," Novak said.

 To restore the market ties, "Russia will voluntarily reduce production by 500,000 barrels per day in March."

The deputy PM clarified that Moscow had no formal consultations as the cuts were voluntary.

The decision to cut oil production came nine days after an OPEC+ panel endorsed the oil producer group's current output policy, leaving production cuts agreed upon last year.