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.
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Nevertheless, fresh comments were perceived as bullish by the market and oil prices bounced off daily lows.
Source: xStation5
