2024-01-27T15:11:33+00:00
A-
A
A+
/ Russia decided, on Saturday, to voluntarily reduce exports of oil and petroleum products by 500,000 barrels per day this January.
Russian Deputy Prime Minister Alexander Novak said that Russian oil exports to India are proceeding according to schedule.
His statements came after Reuters reported that dozens of tankers carrying about ten million barrels of Russian Sokol crude had 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.
Djukov expected that the supply cuts implemented by the OPEC+ group, which includes the Organization of the Petroleum Exporting Countries and its allies, as of 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 reduction by about one million barrels per day. The OPEC+ Joint Ministerial Monitoring Committee is scheduled to hold a meeting next Thursday.