Despite escalating Red Sea tensions, Saudi Arabia, the world's largest oil exporter, is likely to cut its premium for all crude grades it sells to Asian countries to its lowest level in a year in February.。

Russian Deputy Prime Minister Alexander Novak says Russia will extend oil export cuts of 300,000 barrels a day until the end of the year.。Novak said in a statement: "The additional voluntary reduction in oil exports is aimed at strengthening the preventive measures taken by OPEC + countries to maintain stability and balance in the oil market."。Russia has pledged to cut crude oil exports by 300,000 bpd in September, down from a 500,000 bpd cut last month.。Novak said last week that Russia and OPEC + partners agreed on further cuts in oil exports。