Russian Ruble Plummets as Oil Production Cut Exceeds Plan

Russia reduced its crude oil production by 700,000 barrels a day in March, more than the 500,000 barrels a day it had pledged to cut, as part of OPEC+ production curbs of 1.1 million barrels a day starting in May. However, doubts have been raised over how much oil Russia actually produced, as it doesn't align with the country's seaborne exports and domestic refinery supplies. The collective reduction in the commodity's supply may cause future volatility and force Western nations to reassess the $60 price cap on Russian oil.