Gazprom Neft: Russian Oil Output Cut Will Help Balance The Market

Russia’s decision to reduce its oil production by 500,000 barrels per day (bpd) in March will help balance the global oil market, which is in a surplus now, Alexander Dyukov, chief executive of Russian oil company Gazprom Neft, said on Tuesday. “Currently the market is in a surplus, so the Russian government’s decision to cut supply is aimed at rebalancing it,” Dyukov told reporters today, as carried by Russian news agency Interfax.   Russian Deputy Prime Minister Alexander Novak said in early February that Russia,…