Russian Gazprom Neft Forecasts Slight Surplus in Global Oil Market

Oil storage tanks in western France. (AFP)
Oil storage tanks in western France. (AFP)
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Russian Gazprom Neft Forecasts Slight Surplus in Global Oil Market

Oil storage tanks in western France. (AFP)
Oil storage tanks in western France. (AFP)

The head of Russian Gazprom Neft said on Saturday he sees no need for additional oil supply cuts by OPEC+ oil producers, days before the group is due to meet on output policy.

He remarked that there was a slight surplus in the global oil market.

OPEC+ have agreed to voluntary output cuts totaling about 2.2 million barrels per day (bpd) for the first quarter, led by Saudi Arabia rolling over a 1 million bpd voluntary reduction.

OPEC+ producers are scheduled to hold a meeting of a key ministerial panel on Feb 1 and group sources have said that it will likely decide its oil production levels for April and beyond in the coming weeks, Reuters reported.

"OPEC+ has already decided on cuts, cuts actually start now, in January, on the one hand. On the other hand, we are approaching the spring season, a seasonal increase in oil demand. This will happen soon enough, in two months," Gazprom Neft CEO Alexander Dyukov told reporters.

"In my opinion, at the moment there is no need (to adjust the OPEC+ deal)."

Dyukov also said that the company plans to increase oil refining volumes and hydrocarbon output in 2024, without providing figures, while Gazprom Neft's investments are seen unchanged this year.

Russia has reached oil and oil products voluntary export cuts of 500,000 barrels per day in January, Deputy Prime Minister Alexander Novak said on Saturday, adding that the global oil market is balanced.

He said that Russian exports of oil to India are going according to plan, commenting after Reuters reported that about dozen tankers, loaded with 10 million barrels of Russian Sokol grade crude oil, have been stranded off the coast of South Korea for weeks.

Separately, Russian Energy Minister Nikolai Shulginov said on Saturday that the country's oil production will likely stay broadly unchanged this year, the RIA news agency reported.

Russian oil and gas condensate production declined slightly last year to 530 million metric tons (10.6 million barrels per day).

Interfax news agency also quoted Shulginov as saying that Russia has cut gasoline exports following an incident at the NORSI oil refinery.

The outage has sparked concerns about potential gasoline shortages across the country and there have been media reports suggesting that the government was considering imposing an export ban on the fuel, as it did last autumn.

Novak said on Saturday that repair work on Lukoil's NORSI oil refinery will take at least a month or a month and a half, TASS news agency reported. Equipment at the refinery was damaged in an accident early this week.

"The company is assessing technical solutions for restoration, assessing the possibility of quickly restoring equipment; this will determine how long it will take. That's at least around 1-1.5 months," Novak was quoted as saying by TASS.

The damage to a catalytic cracking unit at the Norsi facility slashed gasoline output. Russia’s oil-processing volumes declined further in the first half of January due to the incident.

- Russian gas

Russia is ready to hold talks with the European Union on natural gas supplies as a transit deal with Ukraine expires at the end of 2024, Novak was quoted as saying by several news agencies on Saturday.

Under a five-year deal agreed between Moscow and Kyiv in 2019, Russia is exporting gas to Europe via Ukraine and pays Ukraine for the usage of its pipeline network.

"If the other party EU wishes, we are ready to discuss. So far we don't see such a desire," Novak was quoted as saying by the RIA news agency.

A European Union official on Friday declined to speculate on whether the Ukraine transit deal would be extended beyond the end of 2024, but said the bloc was assessing all scenarios to ensure its preparedness.



Saudi Arabia, Syria Sign Joint Airline and Telecoms Deals

Officials pose after signing a framework agreement for developmental cooperation and the launch of 45 development initiatives between the Syrian Development Fund and Saudi Arabia's Development Committee at the People's Palace in Damascus, Syria, Saturday, Feb. 7, 2026. (AP)
Officials pose after signing a framework agreement for developmental cooperation and the launch of 45 development initiatives between the Syrian Development Fund and Saudi Arabia's Development Committee at the People's Palace in Damascus, Syria, Saturday, Feb. 7, 2026. (AP)
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Saudi Arabia, Syria Sign Joint Airline and Telecoms Deals

Officials pose after signing a framework agreement for developmental cooperation and the launch of 45 development initiatives between the Syrian Development Fund and Saudi Arabia's Development Committee at the People's Palace in Damascus, Syria, Saturday, Feb. 7, 2026. (AP)
Officials pose after signing a framework agreement for developmental cooperation and the launch of 45 development initiatives between the Syrian Development Fund and Saudi Arabia's Development Committee at the People's Palace in Damascus, Syria, Saturday, Feb. 7, 2026. (AP)

Syria and Saudi Arabia signed deals Saturday that include a joint airline and a $1-billion project to develop telecommunications, officials said, as Syria seeks to rebuild after years of war.

The new authorities in Damascus have worked to attract investment and have signed major agreements with several companies and governments.

Syrian Investment Authority chief Talal al-Hilali announced a series of deals including "a low-cost Syrian-Saudi airline aimed at strengthening regional and international air links".

The agreement also includes the development of a new international airport in the northern city of Aleppo, and redeveloping the existing facility.

Hilali also announced an agreement for a project called SilkLink to develop Syria's "telecommunications infrastructure and digital connectivity".

Syrian Telecommunications Minister Abdulsalam Haykal told the signing ceremony that the project would be implemented "with an investment of around $1 billion".

For decades, Syria was unable to secure significant investments because of Assad-era sanctions.

But the United States fully removed its remaining sanctions on Damascus late last year, paving the way for the full return of investments.

Syria and Saudi Arabia also inked an agreement on water desalination and development cooperation on Saturday.

At the ceremony, Saudi Investment Minister Khalid Al-Falih announced the launch of an investment fund for "major projects in Syria with the participation of the (Saudi) private sector".

The deals are part of "building a strategic partnership" between the two countries, he said.

Syria's Hilali said the agreements targeted "vital sectors that impact people's lives and form essential pillars for rebuilding the Syrian economy".

Syria has begun the mammoth task of trying to rebuild its shattered infrastructure and economy.

In July last year, Riyadh signed investment and partnership deals with Damascus valued at $6.4 billion to help rebuild the country's infrastructure, telecommunications and other major sectors.

A month later, Syria signed agreements worth more than $14 billion, including investments in Damascus airport and other transport and real estate projects.

This week, Syria signed a preliminary deal with US energy giant Chevron and Qatari firm Power International to explore for oil and gas offshore.


India’s Modi Lauds Interim Trade Pact After US Tariff Rollback

Indian Prime Minister Narendra Modi addresses the media before the budget session of Parliament at Parliament House in New Delhi, India, 29 January 2026. (EPA)
Indian Prime Minister Narendra Modi addresses the media before the budget session of Parliament at Parliament House in New Delhi, India, 29 January 2026. (EPA)
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India’s Modi Lauds Interim Trade Pact After US Tariff Rollback

Indian Prime Minister Narendra Modi addresses the media before the budget session of Parliament at Parliament House in New Delhi, India, 29 January 2026. (EPA)
Indian Prime Minister Narendra Modi addresses the media before the budget session of Parliament at Parliament House in New Delhi, India, 29 January 2026. (EPA)

Indian Prime Minister Narendra Modi on Saturday hailed an interim trade agreement with the United States, saying it would bolster global growth and deepen economic ties between the two countries.

The pact cuts US "reciprocal" duties on Indian products to 18 percent from 25 percent, and commits India to large purchases of US energy and industrial goods.

US President Donald Trump, while announcing the deal Tuesday, had said Modi promised to stop buying Russian oil over the war in Ukraine.

The deal eases months of tensions over India's oil purchases -- which Washington says fund a conflict it is trying to end -- and restores the close ties between Trump and the man he describes as "one of my greatest friends."

"Great news for India and USA!" Modi said on X on Saturday, praising US President Donald Trump's "personal commitment" to strengthening bilateral ties.

The agreement, he said, reflected "the growing depth, trust and dynamism" of their partnership.

Modi's remarks came hours after Trump issued an executive order scrapping an additional 25 percent levy imposed over New Delhi's purchases of Russian oil, in a step to implement the trade deal announced this week.

Modi, who has faced criticism at home about opening access of Indian agricultural markets to the United States and terms on oil imports, did not mention Russian oil in his statement.

"This framework will also strengthen resilient and trusted supply chains and contribute to global growth," he said.

It would also create fresh opportunities for Indian farmers, entrepreneurs and fishermen under the "Make in India" initiative.

In a separate statement, Commerce Minister Piyush Goyal said the pact would "open a $30 trillion market for Indian exporters".

Goyal also said the deal protects India's sensitive agricultural and dairy products, including maize, wheat, rice, soya, poultry and milk.

Other terms of the agreement include the removal of tariffs on certain aircraft and parts, according to a separate joint statement released Friday by the White House.

The statement added that India intends to purchase $500 billion of US energy products, aircraft and parts, precious metals, tech products and coking coal over the next five years.

The shift marks a significant reduction in US tariffs on Indian products, down from a rate of 50 percent late last year.

Washington and New Delhi are expected to sign a formal trade deal in March.


Gold Bounces Back on Softer Dollar, US-Iran Concerns; Silver Rebounds

Gold and silver bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth
Gold and silver bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth
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Gold Bounces Back on Softer Dollar, US-Iran Concerns; Silver Rebounds

Gold and silver bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth
Gold and silver bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth

Gold rebounded on Friday and was set for a weekly gain, helped by bargain hunting, a slightly weaker dollar and lingering concerns over US-Iran talks in Oman, while silver recovered from a 1-1/2-month low.

Spot gold rose 3.1% to $4,916.98 per ounce by 09:31 a.m. ET (1431 GMT), recouping losses posted during a volatile Asia session that followed a fall of 3.9% on Thursday. Bullion was headed for a weekly gain of about 1.3%.

US gold futures for April delivery gained 1% to $4,939.70 per ounce.

The US dollar index fell 0.3%, making greenback-priced bullion cheaper for the overseas buyers.

"The gold market is seeing perceived bargain hunting from bullish traders," said Jim Wyckoff, senior analyst at Kitco Metals.

Iran and the US started high-stakes negotiations via Omani mediation on Friday to try to overcome sharp differences over Tehran's nuclear program.

Wyckoff said gold's rebound lacks momentum and the metal is unlikely to break records without a major geopolitical trigger.

Gold, a traditional safe haven, does well in times of geopolitical and economic uncertainty.

Spot silver rose 5.3% to $74.98 an ounce after dipping below $65 earlier, but was still headed for its biggest weekly drop since 2011, down over 10.6%, following steep losses last week as well.

"What we're seeing in silver is huge speculation on the long side," said Wyckoff, adding that after years in a boom cycle, gold and silver now appear to be entering a typical commodity bust phase.

CME Group raised margin requirements for gold and silver futures for a third time in two weeks on Thursday to curb risks from heightened market volatility.

Spot platinum added 3.2% to $2,052 per ounce, while palladium gained 4.9% to $1,695.18. Both were down for the week.