Russia to Slash Oil Output, In Retaliation for Sanctions

Russia said it will cut oil output by 500,000 barrels a day next month, following through on a threat to retaliate against western sanctions and sending oil prices sharply higher.

The output reduction, which is the equivalent of about 5% of January output, has been hinted at repeatedly by the Kremlin since the European Union and G-7 began discussing capping the price of Russian exports. T…

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