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Russia will cut crude oil production by half a million barrels per day starting in March.
Russia will voluntarily reduce production by 500,000 barrels per day in March.
This Oil reduce cut is equivalent to about 5% of Russian oil output
OPEC+ decided in October to cut output by 2 million barrels per day and has not adjusted that stance since
Russian Urals crude traded at a discount to Brent crude of $28 a barrel Friday morning