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Sanctions on Russian oil are having the ‘intended effect,’ IEA says

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Sanctions on Russian oil are having the 'intended effect,' IEA says

Russia announced that it would cut oil production by 500,000 barrels per day in March after the West slapped price caps on Russian oil and oil products.

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Bans and price caps targeting Russian oil are having the “intended effect” despite surprisingly resilient production and exports in recent months, according to Toril Bosoni from the International Energy Agency.

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