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Russian Oil Output Cuts Aim to Support Global Prices, Putin Says
Russia’s pledge to cut its crude production is intended to support global oil prices, according to President Vladimir Putin. “All our actions, including those related to voluntary production cuts, are connected with the need to support a certain price environment on global markets in contact with our partners in OPEC+,” Putin said at a meeting with his government via video-link on Wednesday. “In general, the situation is absolutely stable.” Russia promised to reduce its crude production by 500,000 barrels a day in March from February levels and maintain the curbs for the rest of the year. Moscow initially ... (full story)