Russia may temporarily cut production: deputy prime minister Will OPEC+ go big on a production cut? Manus Cranny reports from Vienna. Oil extended its rally after OPEC+ agreed to the largest supply cut since 2020 and Russia warned it may reduce its own output even further. West Texas Intermediate futures hovered near $88 after members of the producer group agreed to cut as much as 2 million barrels a day from current output limits. Meanwhile, Russia may instate a temporary production cut in response to moves by the US and others to cap the price of Russian oil, Deputy Prime Minister Alexander Novak said. He reiterated that Russia would not sell oil to countries that capped prices.