News and Opinion: December 23, 2022. Oil Increases Price as Russia Threatens to Cut Output

The oil price has increased its price after Russia threatened to cut down production by 500000-700000 barrels per day as a response to the oil price cap imposed by the Western countries.

West Texas Intermediate (WTI) was trading today at 79.56 USD per barrel and Brent at 83.92 USD per barrel.

The oil price cap is intended to reduce Russia's income, without reducing the supply of oil. The reduction in oil production by Russia will make the oil cap price strategy fail.

For further information, read this article

This post is intended to only raise awareness. In order to make actual financial decisions please contact your financial advisor and/or tax advisor prior to making the decision.