Oil climbs, Russia to cut production in March

Russia is one of the world's leading oil and gas producers.

Here, the logo of the Russian giant Gazprom on one of its gas stations in Moscow, April 16, 2021. AFP - KIRILL KUDRYAVTSEV

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Russia will reduce its oil production in March in response to the sanctions decided against its crude oil, its Deputy Prime Minister announced on Friday, February 10, causing a jump in prices.

Brent and US WTI rose more than 2% during the day. 

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", or about 5% of its daily production, said Alexander Novak, the Russian Deputy Prime Minister in charge of Energy, quoted by news agencies. Russians.

With this 5% reduction in its daily production, Russia is responding to the sanctions against its crude oil and its petroleum products.

Until the entry into force of the new sanctions, Russia managed to compensate for the loss of its sales to the West by exports to Asia, in particular to China and India. 

But the latest sanctions that came into force concern refined products, products that were mainly purchased in Europe. 

However, Russia could not console itself with a rise in the price of black gold.

With the threat of a global recession hovering, crude oil prices have not taken off, they are even moving below their pre-war level. 

This Friday, they still took a boost.

The other members of OPEC+ should indeed not compensate for the drop in production decided by Russia.

Decided or perhaps constrained.

An analyst believes that the market is forcing the hand of Russia, which is struggling to find buyers. 

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• Russia to ban the sale of its oil to countries that apply the price cap

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