OPEC+ Has No Plans To React To Russia’s Surprise Production Cut

The OPEC+ group currently doesn’t plan to change the course in its oil production targets after Russia announced a cut in its output for March, two delegates from the OPEC+ alliance told Reuters on Friday.   Earlier today, Russian Deputy Prime Minister Alexander Novak said that Russia, a member of OPEC+, would cut its oil production by 500,000 barrels per day (bpd) in March, as a result of the Western sanctions and the price cap on Russian crude oil.    The announcement from Russia sent oil prices up by 2% early on Friday and…