Russia announced Friday that will cut oil production by 500,000 barrels per day next month after Western countries capped the price of its crude over its action in Ukraine.
The cap is enforced by barring Western companies that largely control shipping and insurance services from moving oil priced above the limit.
and lower demand for crude have meant that customers in India, Turkey and China have been able to push for substantial discounts on Russian oil.reduces the thirst for oil.
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