re: Latest Updates: Russia-Ukraine Conflict

quote:

---

Russia said it plans to cut its oil production by around 500,000 barrels a day, or about 5%, next month, sending crude prices higher in a move that Moscow said was in response to Western sanctions.

---

All this means is that they aren't selling enough and don't have enough storage to keep it. Losing market share over the next few years anyway and new fields come online elsewhere in the world. Also, Russia's refined product exports never fully recovered after 2020 lockdowns caused them lose sales.