Russia is slashing its oil output by 5% in retaliation to Western sanctions — but it also likely that it is struggling to find buyers in the first place: ING
500,000 barrel-per-day crude oil output cut
— equivalent to about 5% of Russia's January production — ignited fears that the country is weaponizing energy supplies in retaliation to Western sanctions over the Ukraine war. But it's also likely that Russia's cutting supply in response to low demand, ING commodity strategists wrote in a"We feel that it is more likely that Russia is simply struggling to find buyers for its oil, particularly after the EU ban on Russian refined products came into force earlier this month," according to ING analysts Warren Patterson, the bank's head of commodities strategy, and Ewa Manthey, a commodities strategist.
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