Oil rebounds on Russia and UAE comments

Novak, Russia's energy minister, indicated today that in 2023, more than 80% of oil exports and over 70% of petroleum product exports will be sent to "friendly" countries. At the same time, however, he did not indicate what the level of exports should be in nominal terms, which is basically the key to assessing the supply conditions on the global oil market.

Recently, Russia indicated that from March it intends to reduce oil production by 0.5 million bpd and many analysts expect further production cuts. OPEC, however, did not react to such a decision.

Today, the United Arab Emirates spoke in a similar manner and indicates that the market is balanced and does not require higher production. Moreover, there is a good chance that with decreasing production from Russia, Arab countries will not be able to stimulate supply to a large extent, especially that demand in the US looks mixed, and China so far does not show solid recovery.

Nevertheless, fresh comments were perceived as bullish by the market and oil prices bounced off daily lows.

Source: xStation5

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