Russia reduces oil and fuel exports by 500K bpd

Russia voluntarily reduced exports of oil and petroleum products by 500,000 barrels per day in January, Russian Deputy Prime Minister Alexander Novak said on Saturday, adding that the global oil market was balanced.

According to Reuters, Novak added that Russian oil exports to India are proceeding as planned.

Novak’s statements came after sources reported that dozens of tankers carrying about 10 million barrels of Russian Sokol crude had been stuck off the coast of South Korea for weeks.