Oil Surges to Best Week Since October on Russian Supply Cuts
- Output reduction of 500,000 barrels a day slated for March
- Gains also were fueled by Turkey disruptions, China demand
This article is for subscribers only.
Oil posted its largest weekly gain in four months after Russia followed through on a threat to cut production in response to western energy sanctions.
Moscow says it will reduce output by half a million barrels, equivalent to about 5% of January levels. The cut was the first major effect on Russian production from the swath of sanctions that have been placed on the country’s output, leading West Texas Intermediate to advance to just below $80.