US and China strategic oil purchases to compensate market surplus — Head of Gazprom Neft

According to today's statements by the head of the Russian oil company Gazprom Neft Alexander Dyukov, the strategic purchases of crude by the US and China will have a positive effect on the balance of oil supply and demand. In his opinion, the countries will contribute to a reduction in the global surplus of fuel and stabilize the prices.

The eight OPEC+ countries, including Russia, have begun to gradually roll back their voluntary production cuts, agreeing to a monthly increase in output from April to July. Next month, the alliance members will meet to decide on production volumes for August, as reported by Yahoo Finance.

The US administration announced an acceleration of the replenishment of the country's strategic oil reserves, which had previously decreased from 700 to 400 million barrels. As Dyukov noted, the increase in OPEC+ production in the coming months is unlikely to lead to an oversupply in the market and will not affect the pricing of crude. He also noted the acceleration of the replenishment of strategic oil reserves by China.