Explainer: OPEC+ will not boost oil production after Russia cut

Saudi Arabia and other OPEC members are so far not reacting to Russia’s production cut as they stand to benefit from the move.
KIRILL KUDRYAVTSEV/AFP via Getty Images
This photograph taken on Sept. 1, 2022, shows a traffic sign and a logo of Russia's energy giant Gazprom at a petrol station in Moscow. - KIRILL KUDRYAVTSEV/AFP via Getty Images
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Adam Lucente
@Adam_Lucente

Russia announced a major oil production cut Friday, a move that could have ramifications for Middle East oil producers. 

What happened: Russia said it would cut production by 500,000 barrels per day starting in March. The price of Brent crude oil rose from around $85 to nearly $87 a barrel early Friday around the time the news broke, according to market data. 

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