Russia's Novak: We see balance of supply and demand on the global oil market
Russia's Novak is on the wire talking oil:We see balance of supply and demand on the global oil market.Current Russian oil production is around 9.5 million barrels a day.Russian oil and gas condensate production is expected in the range of 520-530 million in 2024.The proportional decrease of Russian oil and oil products exports in OPEC+ is not so important, the main thing is the reduction of 500,000 barrels daily.The ban on gasoline exports is a preventive measure ahead of seasonal growth in demand.Gasoline export ban may be lifted at any moment once the market is saturated.Ban on diesel exports not under consideration.The price of crude oil has been up and down today and is currently down $-0.36 at $78.51 This article was written by Greg Michalowski at www.forexlive.com.
Russia's Novak is on the wire talking oil:
- We see balance of supply and demand on the global oil market.
- Current Russian oil production is around 9.5 million barrels a day.
- Russian oil and gas condensate production is expected in the range of 520-530 million in 2024.
- The proportional decrease of Russian oil and oil products exports in OPEC+ is not so important, the main thing is the reduction of 500,000 barrels daily.
- The ban on gasoline exports is a preventive measure ahead of seasonal growth in demand.
- Gasoline export ban may be lifted at any moment once the market is saturated.
- Ban on diesel exports not under consideration.
The price of crude oil has been up and down today and is currently down $-0.36 at $78.51 This article was written by Greg Michalowski at www.forexlive.com.
