HOUSTON, Feb 17 Russia’s decision to cut crude oil production by 500,000 barrels per day reflects its inability to sell all of its oil, Ben Harris, a US Treasury Department.
Western sanctions have pushed Russian oil and energy revenues to their lowest point since August 2020, according to data published Friday by Russia’s Ministry of Finance, highlighting the early successes of the Group of Seven-backed Russian oil price cap that came into force late last year.
European Union member states on Friday reached agreement on price caps for Russian petroleum products, ahead of an international embargo set to go into force over the weekend, Sweden said.