2024-01-27T15:11:33+00:00
A-
A
A+
/ Russia decided, on Saturday, to voluntarily reduce oil and oil product exports by 500,000 barrels per day in January.
Russian Deputy Prime Minister Alexander Novak said that Russian oil exports to India are proceeding according to schedule.
His comments came after Reuters reported that dozens of tankers carrying about 10 million barrels of Russian Sokol crude have been stuck off the coast of South Korea for weeks.
On the other hand, Alexander Dyukov, CEO of the Russian company Gazprom Neft, said on Saturday that the global oil market recorded a slight surplus.
Dyukov expected that the supply cuts implemented by the OPEC+ group, which includes the Organization of the Petroleum Exporting Countries and its allies, starting from the beginning of this January, would achieve balance in the market.
Last November, OPEC+ approved a voluntary production cut of 2.2 million barrels per day during the first quarter of this year.
Saudi Arabia is leading the cut of about 1 million barrels per day. The OPEC+ Joint Ministerial Monitoring Committee is scheduled to meet next Thursday.