Russia reduces oil exports by 500,000 bpd in January

Shafaq News / Russia announced on Saturday its decision to voluntarily reduce oil and petroleum product exports by 500,000 barrels per day (bpd) in the current month of January.

Russian Deputy Prime Minister Alexander Novak stated that Russian oil exports to India are proceeding as planned.

Novak's comments came after Reuters reported that dozens of tankers loaded with around ten million barrels of Russian Sokol crude oil had been stranded off the coast of South Korea for weeks.

On the other hand, Alexander Dyukov, CEO of the Russian company "Gazprom Neft," stated on Saturday that the global oil market had recorded a slight surplus.

Dyukov anticipated that the supply cut being implemented by the OPEC+ group, which includes the Organization of the Petroleum Exporting Countries (OPEC) and its allies, starting from the beginning of January, would bring balance to the market.

Furthermore, OPEC+ agreed in November to voluntarily cut production by a total of 2.2 million bpd during the first quarter of the current year.

Notably, Saudi Arabia leads the reduction with around one million bpd. Additionally, the OPEC+ Joint Ministerial Monitoring Committee is scheduled to hold a meeting next Thursday.