Russia announced Friday that will cut oil production by 500,000 barrels per day next month after Western countries capped the price of its crude over its action in Ukraine.
“As of today, we fully sell all our crude output, but as we stated before, we will not sell oil to those who directly or indirectly adhere to the ‘price ceiling,’” Deputy Prime Minister Alexander Novak said in remarks carried by Russian news agencies.
“In connection with that, Russia will voluntarily cut production by 500,000 barrels a day. It will help restore market-style relations,” he said.
Analysts have said one possible Russian response to the cap would be to slash production to try to raise oil prices, which could eventually flow through to higher gasoline prices at the pump as less oil makes it to the global market.
Rescuers pulled several people alive from the shattered remnants of buildings on Friday, some who survived more than 100 hours trapped under crushed concrete in the bitter cold after a catastrophic earthquake slammed Turkey and Syria, killing more than 22,000.
Temperatures remain below freezing across the large region, and many people have no place to shelter. The Turkish government has distributed millions of hot meals, as well as tents and blankets, but was still struggling to reach many people in need.
Some in Turkey have complained that the government was slow to respond, a perception that could hurt Turkish President Recep Tayyip Erdogan as he faces a tough battle for reelection in May.
Engineers suggested that the scale of the devastation is partly explained by lax enforcement of building codes, which some have warned for years would make them vulnerable to earthquakes.
China on Friday dismissed a U.S. House of Representatives resolution condemning Beijing over a suspected Chinese spy balloon shot down above U.S. waters as “purely political manipulation and hyping up.”
“China is strongly dissatisfied with this and firmly opposes it,” Foreign Ministry spokesperson Mao Ning told reporters at a daily briefing.
“The resolution by the U.S. Congress was purely political manipulation and hyping up,” Mao said.
The resolution, which passed unanimously on Thursday, condemned China for a “brazen violation” of U.S. sovereignty and efforts to “deceive the international community through false claims about its intelligence collection campaigns.”
Republicans have criticized the Biden administration for not acting sooner to shoot down the balloon, but both parties’ lawmakers came together on the vote, 419-0.
China insists the object was a civilian weather balloon that had been blown off course, but has not said whom it belonged to or offered other details.