U.S. official says Russia’s crude output cut signals unsold oil


Source: reuters.com reuters.com

Key Topics in this News Article:

News Snapshot:

[1/2] A worker walks past a drilling rig at a well pad of the Rosneft-owned Prirazlomnoye oil field outside the West Siberian city of Nefteyugansk, Russia, August 4, 2016. Picture taken August 4, 2016. REUTERS/Sergei Karpukhin/File Photo HOUSTON, Feb 16 (Reuters) - Russia's decision to cut crude oil production by 500,000 barrels per day reflects its inability to sell all of its oil, Ben Harris, a U.S. Treasury Department Assistant Secretary, said on Thursday. Russia's Deputy Prime Minister Alexander Novak last week said it would voluntarily cut production beginning next month following the start of Western price caps on Russian...