The oil market’s shrug at Russia’s plan to cut production shows Vladimir Putin’s decision to invade Ukraine left Russia with less leverage against the West than he may have expected, Axios‘ Matt Phillips reports.

Catch up fast: Russian state officials announced that the nation plans to cut oil production by about 5% next month, in response to Western efforts to cap the prices at which Russia sells its oil.

  • While crude oil prices rose on the news, it wasn’t much of a gusher, with prices climbing about 2%. Full story

What they’re saying: Per the NYT, some analysts see Russia’s announcement as spin.

  • “If Russia is going to have to lessen production — even for a period — it would rather try and give the impression that it is choosing to do so or is in control rather than that this is being forced on it by Western governments’ policies,” said Energy Aspects analyst Richard Bronze.