Russia moves to cut oil production over western price caps
Global News
Russian exporter Gazprom has cut off most supplies of natural gas to Europe, citing technical issues and refusal by some customers to pay in Russian currency.
Russia announced Friday that will cut oil production by 500,000 barrels per day next month after western countries capped the price of its crude over its action in Ukraine.
“As of today, we fully sell all our crude output, but as we stated before, we will not sell oil to those who directly or indirectly adhere to the `price ceiling,'” Deputy Prime Minister Alexander Novak said in remarks carried by Russian news agencies.
“In connection with that, Russia will voluntarily cut production by 500,000 barrels a day. It will help restore market-style relations,” he said.
Analysts have said one possible Russian response to the cap would be to slash production to try to raise oil prices, which could eventually flow through to higher gasoline prices at the pump as less oil makes it to the global market.
International benchmark Brent crude rose 2.2 per cent Friday, to US$86.42 per barrel.
The Group of Seven major democracies have imposed a US$60-per-barrel price cap on Russian oil shipped to non-western countries. The goal is to keep oil flowing to the world to prevent price spikes that were seen last year, while limiting Russia’s financial gains that can be used to pay for its campaign against Ukraine.
The cap is enforced by barring western companies that largely control shipping and insurance services from moving oil priced above the limit.
Russia has said it will not sell oil to countries observing the cap, a moot point because Russian oil has been trading below the price ceiling recently. However, the cap, an accompanying European Union embargo on most Russian oil and lower demand for crude have meant that customers in India, Turkey and China have been able to push for substantial discounts on Russian oil.
Prosecutors say that the defendant had made 'several attempts' to buy weapons illegally outside the country and to bring them to Austria.
The anniversary coincides with the release of a joint statement by five European countries that said Navalny was poisoned by the Kremlin with a rare and lethal toxin.
'The Board of Peace will prove to be the most consequential International Body in History, and it is my honor to serve as its Chairman,' Trump said
French President Emmanuel Macron also told the Munich Security Conference that Europe had to become a geopolitical power given the Russian threat would not disappear.
Kathy Ruemmler from Goldman Sachs is one of the latest to leave her job after connections to Jeffrey Epstein were uncovered.
'Unless officially announced by the administration, however, any reporting about changes to our current tariff regime is baseless speculation.'
Anthropic was founded in 2021 by a breakaway group of former OpenAI employees who pledged to design a more safety-centric approach to AI development.
Venezuela’s acting president said Nicolás Maduro remains the country’s ‘legitimate’ leader, despite being held in the U.S. on charges of federal drug trafficking.
Laegreid's ex-girlfriend said she has been in contact with her former partner and that he is aware of her opinion on the situation.
Tuesday afternoon's mass school shooting in Tumbler Ridge, B.C., has been called 'one of the worst mass shootings' in Canada, minister says.
The suspension of Air Canada flights to Cuba after the country warned airlines of a fuel shortage marks the latest blow for the island's economy amid increased U.S. pressure.
With thousands of warm temperature records being broken across the U.S. Midwest this winter, scientists say snow cover and snow depth are at their lowest levels in decades.
Skeleton athlete Vladyslav Heraskevych's helmet showcased pictures of friends killed during Russia's ongoing invasion of Ukraine.