Russia says oil price cap will not affect 'Ukraine offensive'

Russia will extend oil production cuts until the end of June

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Russia announced on Tuesday it was cutting oil production by 500,000 barrels per day until the end of June, a response to Western sanctions that were due to expire at the end of March.

“According to the current market situation, the decision to voluntarily reduce production by 500,000 barrels per day will remain in force until June 2023,” Alexander Novak, deputy prime minister in charge of energy issues, was quoted as saying by Russian news agencies.

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