In response to a series of sanctions imposed by the European Union, the Russian government has announced it will cut its oil production by 5%. The news sent shockwaves through the global oil market, with oil prices rising 2% in the immediate aftermath.

This move by Russia is expected to have a significant impact on global oil supply and prices, with the Wall Street Journal reporting that prices could rise as much as 5%. The sanctions have also had an impact on product tanker rates, with Splash 247 reporting a surge in demand in the opening days of the EU’s latest Russia ban.

The sanctions, which are in response to a number of alleged human rights abuses, have been met with criticism from some quarters. However, the Russian government has said that it is committed to cutting its oil output in response to the sanctions.

This story is developing and more details are expected to be released in the coming days.