# Russia to cut oil output by 500,000 bpd in March

> Russia said it would cut oil output by 500,000 barrels per day in March in response to Western price caps. Brent rose more than 2.5% to $86.6 a barrel on the news.

- Date: 2023-02-10 · published 2023-02-10T12:00:00.000Z
- Category: geopolitics · region Russia · magnitude medium
- Page: https://feedsoft.ai/events/37488-russia-to-cut-oil-output-by-500-000-bpd-in-march
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [ULSD / Diesel](https://feedsoft.ai/c/DIESEL.md)

## Why it matters

A supply cut from the second-largest oil exporter tightens crude markets, lifting energy costs that feed into diesel, fertilizer and freight.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲
- DIESEL: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2022-12-23 | [Oil rises $3/bbl after Russia signals output cut due to price cap](https://feedsoft.ai/events/38393-oil-rises-3-bbl-after-russia-signals-output-cut-due-to-price-cap.md) | +5.1% | +9.5% |
| BRENT | 2018-09-24 | [OPEC, Russia rebuff Trump's call for immediate boost to oil output](https://feedsoft.ai/events/62928-opec-russia-rebuff-trump-s-call-for-immediate-boost-to-oil-output.md) | +4.9% | +1.6% |
| BRENT | 2023-02-10 | [Russia announces cut to oil output over Western price caps \| AP News](https://feedsoft.ai/events/37493-russia-announces-cut-to-oil-output-over-western-price-caps-ap-news.md) | +0.6% | -3.2% |
| BRENT | 2020-11-01 | [Oil Climbs With Russia in Talks on Delaying OPEC+ Output Hike - Bloomberg](https://feedsoft.ai/events/50319-oil-climbs-with-russia-in-talks-on-delaying-opec-output-hike-bloomberg.md) | +5.1% | +28.8% |
| BRENT | 2020-02-06 | [U.S., global oil benchmarks split ways as Russia resists deeper OPEC+ output cuts - MarketWatch](https://feedsoft.ai/events/54750-u-s-global-oil-benchmarks-split-ways-as-russia-resists-deeper-opec-output-cuts.md) | +0.6% | -6.9% |
| WTI | 2022-12-23 | [Oil rises $3/bbl after Russia signals output cut due to price cap](https://feedsoft.ai/events/38393-oil-rises-3-bbl-after-russia-signals-output-cut-due-to-price-cap.md) | +3.3% | +3.0% |
| WTI | 2018-09-24 | [OPEC, Russia rebuff Trump's call for immediate boost to oil output](https://feedsoft.ai/events/62928-opec-russia-rebuff-trump-s-call-for-immediate-boost-to-oil-output.md) | +3.4% | -2.3% |
| WTI | 2023-02-10 | [Russia announces cut to oil output over Western price caps \| AP News](https://feedsoft.ai/events/37493-russia-announces-cut-to-oil-output-over-western-price-caps-ap-news.md) | +0.5% | -1.9% |

## Sources

- reuters.com: https://www.reuters.com/business/energy/russia-cut-oil-output-by-500000-bpd-march-2023-02-10/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.