, Columnist
The Devil’s in the Details of Putin’s Oil Output Cut
Russia’s attempt to send prices skyrocketing could be undone by things as mundane as scheduled maintenance.
Russia’s turning down the oil taps. Will we even notice?
Photographer: Andrey Rudakov/BloombergThis article is for subscribers only.
Russia says it’s close to implementing in full an oil output cut in response to Western sanctions and price caps on its exports. But Moscow’s hopes of sending prices skyrocketing will likely be in vain.
Russia vowed to retaliate against a ban on oil imports from its closest customers and price caps that prevent shipments to buyers elsewhere from accessing industry-standard services unless they are sold at prices below externally imposed thresholds. Its response is to cut crude production by 500,000 barrels a day until the end of June.