Crude oil prices increased due to production cuts by the Russian Federation.

Oil prices rose by $2 a barrel on December 23 after Moscow said it might cut crude output in response to G7 price caps on Russian exports. This was the reason for the increase in prices for the second week in a row. Thus, Brent crude oil prices on Friday rose by $2.22, or 2.7%, to $83.20 per barrel, and the price of American West Texas Intermediate (WTI) oil rose to $79.43 per barrel, which $1.93, or 2.49% more. According to CNBC, Russia plans to cut oil production by 5-7% in early 2023 in response to price caps implemented by the EU, according to a statement by the Deputy Prime Minister of Russia, Oleksandr Novak. Russian exports of Baltic oil are forecast to fall by 20% in December compared to the previous month after the European Union and G7 countries imposed sanctions and curbed the price of Russian oil from December 5.