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Energy

Russia to slash oil production in March by 500,000 barrels per day

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Russia will voluntarily be cutting its oil production next month by as much as 500,000 barrels. It’s a direct response to the Western alliance backing Ukraine in the war. After Russia waged war in Ukraine, the U.S. and other countries imposed sanctions on Russian oil. Now, Russia is retaliating. 

With Russia slashing its oil supply, the price of oil is climbing. Reuters is reporting that oil prices were up 2% Friday morning. It’s a domino effect likely to affect world economies next.

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KARAH RUCKER: BECAUSE OF RUSSIA GOING TO WAR WITH UKRAINE — THE U.S. AND OTHER WESTERN NATIONS IMPOSED SANCTIONS ON RUSSIAN OIL. AND BECAUSE OF SANCTIONS ON RUSSIA’S OIL — RUSSIA WILL VOLUNTARILY BE CUTTING ITS OIL PRODUCTION NEXT MONTH BY AS MUCH AS 500 THOUSAND BARRELS.

IT’S A DIRECT RESPONSE TO RETALIATE AGAINST THE WESTERN ALLIANCE BACKING UKRAINE.

BECAUSE RUSSIA IS SLASHING ITS OIL SUPPLY — THE PRICE OF OIL IS CLIMBING WITH REUTERS REPORTING THAT OIL PRICES WERE UP 2 PERCENT FRIDAY MORNING ON THE NEWS. IT’S A VICIOUS DOMINO EFFECT LIKELY TO AFFECT WORLD ECONOMIES NEXT.