Gazprom: Global Oil Market Records Slight Surplus

Alexander Dyukov, the CEO of Russian Gazprom Neft, indicated today that the global oil market has recorded a slight surplus. Dyukov expects that the supply cuts being implemented by the OPEC+ group, which includes the Organization of the Petroleum Exporting Countries and its allies, starting from the beginning of January will restore balance to the market. OPEC+ announced in November a voluntary production cut of a total of 2.2 million barrels per day during the first quarter of this year. Saudi Arabia is leading the cut with about one million barrels per day, and the OPEC+ Joint Ministerial Monitoring Committee is scheduled to meet next Thursday. The International Energy Agency, based in Paris, noted that anticipated supplies for 2024 appear to be in good condition, considering the conflict in the Middle East and the concerns it raises regarding supplies.