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Vladimir Putin has pushed seaborne deliveries of Russian crude to record highs to fill Moscow’s war chest, even as the Kremlin vowed to tighten oil supplies. The surge in shipments came despite Russia joining the Saudi-led Opec cartel in announcing cutbacks on Sunday to the global stock of crude. Moscow said it would lower output by half a million barrels per day until June. Oil prices climbed more than 6pc on Monday after surprise production cuts led by Saudi Arabia that risk causing pain for motorists at the pumps and stoking inflation. Brent Crude climbed 6.17pc to $84.82 (£68) a barrel by Monday evening, having closed at $79.89 per barrel on Friday, with analysts warning the market is now heading towards $100 per barrel. Saudi Arabia, Russia, Algeria and other allies in the Opec-plus cartel of oil exporting countries announced on Sunday they will slash production in a bid to prop up prices amid concerns demand is not rebounding fast enough. The move risks harming efforts to cool persistent global inflation, with traders on Monday increasing their bets that the US Federal Reserve will now have to increase interest rates again in May. It is also a sign of […]
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