STANLEY REED

Russia’s deputy prime minister said the country would reduce its oil production by about 5 percent to counter Western sanctions.

The record haul, pushed by high energy prices and a hunger for liquefied natural gas, came as a new chief signaled a more “balanced approach”...

The coming ban on Russian exports of refined oil products could strain energy markets and crimp Russia’s output.

The state-owned mining company announced it had found Europe’s largest deposit of the vital minerals used in electric vehicles and other green technology.

Warm weather, alternatives to Russian gas and a buildup of storage all help. But prices remain high for consumers and industry.

The price of oil fell by about 10 percent this week, easing (for now) supply worries about the E.U. embargo and a price cap.

An immediate impact on oil supplies in Europe was not expected, partly because the embargo has been in the works for months.

As the West moves to intercede in oil trading, OPEC Plus, led by Saudi Arabia, is expected to protect its own interests.

Makers of wind turbines are reporting mounting losses, and fret about losing out to rivals from China, as countries chase ambitious clean energy targets.