Russia to Cut Oil Production by 500,000 Barrels Per Day Amid Price Cap

**Russia to Cut Oil Production by 500,000 Barrels Per Day Amid Price Cap**.

**Moscow, Russia** – Russia announced on Friday that it will reduce its oil production by 500,000 barrels per day in March, a move that could further roil global energy markets..

The decision comes in response to the price cap imposed on Russian oil exports by the European Union, the United States, and other Western allies. The cap, which went into effect on December 5, 2022, limits the price of Russian oil to $60 per barrel..

Russian Deputy Prime Minister Alexander Novak said the production cut was .

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