Russia plans to cut its oil production by around 5% from March, a reduction of around 500,000 barrels per day. Sign that the sanctions are starting to bite.
Why is this important?
Since the start of the war in Ukraine a year ago, a parallel energy war has sprung up between the West and Russia. It intensified in recent months after the EU and its allies introduced various sanctions against Russian oil. Now it’s Russia’s turn.In the news : The reduction in production is a response to Western measures aimed at hitting the Kremlin’s war chest.
- After the announcement of the news, the price of a barrel of Brent oil, the benchmark oil price in our region, rose by more than 2.5%. At the time of writing this article, the barrel is trading at 86.52 dollars, the equivalent of approximately 80.83 euros.
- Russia is the world’s second largest oil exporter after Arabia
This premium article is for subscribers only
Become a subscriber and get immediate and unlimited access to all articles. Now from 1.99€/month.
Related posts:
VIDEO. Fort-de-France - Toronto: an inauguration with great fanfare at the Aimé-Césaire airport
Understand the potential of NFTs for the gaming industry
Great Wall began sales of the new Ora brand: what is known about the price in Russia - October 14, 2...
Apple and Ericsson, who have been fighting patent lawsuits for many years, finally have a truce
Target Announces Iconic Designer Collaboration: Diane von Furstenberg for Target, Launching March 23
Chongqing Beer's net profit in the first half of the year increased by 16.93%, and Wusu brand made e...
"Apple's New Supply Chain List" Three Taiwanese factories were included and six were excluded from t...
Our top selection of the weekend to take advantage of a cheap mobile plan with no time commitment!