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.
