Russia Increases Oil Market Share In January Despite OPEC+ Pledges

Russia Increases Oil Market Share In January Despite OPEC+ Pledges

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In January 2024, Iran faced a drop of nearly 400,000 barrels per day in crude exports due to disruptions in the Red Sea. This situation allowed Russia to gain market share by not significantly reducing its oil exports. Despite its commitments to OPEC+, Russia's overall oil exports in January remained almost flat.