Putin of Russia issues a production cut warning citing a $60 oil price cap.

Putin says Russia could cut oil production in response to a $60 price cap on its exports . Putin says the cap is harmful to global energy markets but not affecting Russia .

Moscow: Following a regional summit, President Vladimir Putin cautioned Friday that Russia could cut oil production in response to a $60 price cap on its oil exports agreed by Western nations in response to Moscow's Ukraine offensive.Putin said the price cap was a bad move that is harmful to global energy markets but not affecting Russia.He did not elaborate.The current market price for a barrel of Russian Urals crude is around $65 dollars, just slightly higher than the $60 cap agreed, implying that the program has only a modest effect in the short term.

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