Russia’s proposal to cut production boosts crude oil

Russia’s proposal to cut production boosts crude oil
# 23 February 2023 09:57 (UTC +04:00)

Crude oil futures traded higher on Thursday morning despite many officials of the US Fed Reserve agreeing to increase interest rates to control inflation. However, a media report on Russia planning further oil production led futures higher, APA-Economics reports citing the Russian press.

At 9.49 am on Thursday, April Brent oil futures were at $80.95, up by 0.43 percent, and April crude oil futures on WTI were at $74.29, up by 0.46 per cent.

March crude oil futures were trading at ₹6,178 on the Multi Commodity Exchange (MCX) during the initial hours, against the previous close of ₹6,174, up by 0.06 per cent, and April futures were trading at ₹6,222, against the previous close of ₹6.217, up by 0.08 percent.

Quoting sources, a Reuters report said Russia would likely reduce oil exports from its western ports by up to 25 percent in March versus February. The proposed cut will be more than Russia's already announced production cuts.

Russia has announced plans to cut its oil production by 500,000 barrels a day in March. This cut amounts to 5 percent of its total output.

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