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The head of Russian oil major Gazprom Neft said on Saturday he sees no need for additional oil supply cuts by OPEC+ oil producers, days before the group is due to meet on output policy.
The head of Russian Gazprom Neft said on Saturday he sees no need for additional oil supply cuts by OPEC+ oil producers, days before the group is due to meet on output policy. He remarked that there was a slight surplus in the global oil market. OPEC+ have agreed to voluntary output cuts totaling about 2.2 million barrels per day (bpd) for the first quarter, led by Saudi Arabia rolling over a 1 million bpd voluntary reduction.
The West’s comprehensive sanctions against Russia led, in particular, to disruption of Russian energy supplies to Europe and the US expanding its LNG clout in the continent.