Oil prices increased on Friday as a result of Russia cutting its oil production in response to a Western export price ceiling set in place following Moscow’s invasion of Ukraine.
After Russian reduced production by 5,000 barrels per day, or 5% of output, the price of both the European benchmark Brent oil and its US counterpart WTI crude increased by more than 2%. The price of Brent North Sea crude increased by 2.3% to $86.48 per barrel, while WTI, the New York contract, increased by 2.5% to $80.01.
OPEC and Russia collaborate on a regular basis to decide on the amount of oil to be produced. In addition to establishing with its G7 allies a $60 per barrel cap for Russian exports, the EU had already imposed an embargo on seaborne oil delivery two months ago.
Source for more details: