Processing towers stand at the RN-Tuapsinsky refinery, operated by Rosneft Oil Co., in Tuapse, Russia, on Monday, March 23, 2020.
Oil prices are expected to rise in the new year after some OPEC+ oil producers voluntarily pledged to cut output.
The oil cartel on Thursday released a statement that did not formally endorse production cuts, but individual countries announced voluntary reductions totaling 2.2 million barrels per day for the first quarter of 2024.
Russia said it will cut supply by 300,000 barrels per day of crude and 200,000 barrels per day of petroleum products over the same period.
We have to have compliance from the other OPEC nations," Bill Perkins, CEO and head trader of Skylar Capital Management, told CNBC.
Rosneft Oil, United, United Arab Emirates, Skylar Capital Management, CNBC
Tuapse, Russia, Saudi Arabia, Riyadh, Iraq, United Arab, Kuwait, Kazakhstan, Algeria, Oman