Russia plans to cut its oil output by 500,000 barrels a day next month, following through on a threat to retaliate against western energy sanctions and sending oil prices sharply higher.
The oil market hasn’t yet priced in the impact of European Union sanctions aimed at Russian supplies, which adds impetus to a US plan to cap the price of the country’s exports to avoid a price spike, according to a US Treasury Department official.
China has tightened restrictions on trade with North Korea under UN nuclear sanctions, imposing a cap on oil supplies to the North and banning imports of its steel and other goods.
