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Putin: oil production cuts to support prices
Russian President Vladimir Putin announced that Russia has decided to cut crude oil production in order to support global oil prices. Putin emphasized that the oil situation remains stable. Russia pledged to reduce its crude production by 500,000 barrels per day in March and maintain the curbs throughout the year, aiming to create a favorable price environment in collaboration with its partners in Opec+. However, market watchers have expressed skepticism about the level of Moscow's reductions, as the international energy agency believes a cut of 300,000 barrels per day is necessary to meet the target.
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