Russia will cut crude production by 500,000 b/d in March in response to the G7-led price cap on it oil sales, deputy prime minister Alexander Novak said on 10 February. The reduction will help “contribute to the recovery of market relations”, he said. Novak said earlier this week that Russia's February crude production is running at the same pace as the previous three months, 9.8mn-9.9mn b/d, but he has previously acknowledged that Moscow may have to cut its output by 500,000-700,000 b/d at some points in early 2023 if buyers insist on adhering to the price cap.
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