Markets mostly shrugged off Russia's threat to curb crude production in response to Western sanctions.
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Russian state officials announced Friday that the nation plans to cut oil production by about 5% next month, in response to Western efforts to cap the prices at which Russia sells its oil.Both Brent crude and America's West Texas Intermediate rose about 2%, leaving prices around where they've hovered over the last few months."We consider today’s news to be a significant milestone," wrote oil industry analysts at ClearView Energy Partners, a research firm.
that as a result of the war, "Russia will have a smaller market share in oil and gas, it will make less profit and it has lost some of its geopolitical leverage as well.", thanks to a collapse in energy revenues.— a 40% discount to Brent crude's $84 average for the month.The lackluster response to Friday's threats to cut crude oil output suggests its leverage over the market is also eroding fast.
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