This will contribute to the restoration of market relations.”The 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. Novak warned that the crude oil price cap could lead to “a decrease in investment in the oil sector and, accordingly, an oil shortage.”Russian Urals crude traded at a discount to Brent crude of $28 a barrel Friday morning. A potential drop in global oil supply could come at a tricky time. China’s swift reopening of its economy in December after almost three years of strict coronavirus restrictions has pushed up estimates for global oil demand.

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