There is some surplus in oil market, Russia's decision to cut output aims to balance it - Gazprom Neft's Dyukov

MOSCOW. Feb 28 (Interfax) - Russia's decision to cut oil production will help balance the global market, Alexander Dyukov, CEO of Gazprom Neft , told reporters.

"At the moment, there is a certain surplus in the market. Accordingly, the decision taken by the government - to reduce production in Russia - aims to balance the market," he said.

"Neither consumption and nor production are at a standstill. Many factors determine market balance. Much will depend on what happens to the global economy this year, what effect the lifting of Covid restrictions in China will have, as well as a huge number of other factors that will affect the demand for oil," Dyukov said.