Russia to Cut Oil Production, Sending Prices Higher

Russia said it plans to cut its oil production by around 500,000 barrels a day, or about 5%, next month, sending crude prices higher in a move that Moscow said was in response to Western sanctions.

Russia throttled back and then halted most exports of natural gas to Europe in response to sanctions imposed on Moscow after it invaded Ukraine. It has threatened to use its vast production of all sorts of commodities, including oil, to punch back against those economic restrictions.

But Friday’s move was the first in which Moscow...