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

• Russia announced on Friday it will cut crude oil production by 500,000 barrels per day in March.
• The move followed Moscow's vow to retaliate against EU price caps on its crude and refined fuel products.
• It is also likely that Russia is cutting supplies because it's struggling to sell its oil, per ING.

Russia's oil supply cut may not be what it is cracked up to be.

The Kremlin's announcement of a 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.