Oil prices ticked up beyond 2% on Friday, setting the stage for weekly gains, as Russia revealed plans to cut oil production next month in response to price limitations the West placed on the nation's oil and oil-related products.

Brent crude futures nudged up by 2.02% to $86.21 per barrel while U.S. WTI crude futures added 2.01%, at $79.63.

The two main gauges surged over $2 in the previous session and were gearing towards achieving gains for the week topping 8%.

According to Deputy Prime Minister Alexander Novak on Friday, Russia intends to trim its crude oil production by 500,000 bpd, or around 5% of output, in March.

Russia's output surpassed expectations last year, but sales of its oil will be more challenging in light of the new western sanctions.

Brent price forecasts from Goldman Sachs for 2023 and 2024 were cut from $98 per barrel to $92 per barrel and $105 per barrel, respectively.