Russia Threatens to Cut Oil Output in Response to Western Sanctions
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MOSCOW—Moscow threatened to chop oil output in response to Western worth caps, setting the stage for an escalation of the power warfare that has run parallel to the conflict in Ukraine.
Talking on state tv on Friday, Russian Deputy Prime Minister Alexander Novak detailed for the primary time Moscow’s potential response to the Western price caps, instituted earlier this month. Mr. Novak stated Russia may scale back its manufacturing by 500,000 to 700,000 barrels a day—which he described as a 5% to 7% discount in capability—by early subsequent yr.