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Russia plans to cut its oil production by about 5 percent next month in response to sanctions it has received from Western countries over the war in Ukraine, which is sending prices higher.
The state-run Russian media outlet TASS reported on Friday that it will reduce its output by 500,000 barrels per day.
“Today, we are selling the entire volume of our oil output. But, as we have said before, we are not going to sell oil to those who directly or indirectly adhere to the ‘price cap’ principles,” Deputy Prime Minister Alexander Novak said, referring to Russia’s ban on selling oil to countries that have placed a cap on oil sales from Russia.
