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Russia will cut oil production by 500,000 barrels a day in March, Energy Minister Alexander Novak said on Friday, following Western sanctions related to Moscow’s crude and petroleum products implemented in recent months.
The announced output decline amounts to about 5 percent of Russia’s latest crude output, which the Paris-based International Energy Agency estimates fell to 9.77 million barrels a day in December .
The American benchmark WTI rises by 2.3% to 79.22 dollars a barrel, the European benchmark (Brent) also rises by 2% to 85 dollars.