Balanced News: Russia threatens to slash oil supplies in 2023, spooks markets

Moscow warns it may cut production by 5-7 percent in early 2023 as the energy war with the West deepens. Russia may cut oil output by 5-7 percent in early 2023 and halt sales to countries supporting a price cap on its crude and oil products, a senior official has said. Novak, however, said Moscow would ban sales of oil and oil products to countries that join the price cap and companies that demand its observance.