Russia's Novak: No proposal from OPEC to jointly cut production by 1 million bpd

Eren Sengezer FXStreet

Russia has not received a proposal from OPEC to jointly cut the oil production by one million barrels per day, Russia's Energy Minister Alexander Novak said on Monday.

"Russia is evaluating the earlier proposal made by OPEC+ technical committee," Novak added.

Oil reaction

These comments were largely ignored by the market participants. The barrel of West Texas Intermediate (WTI), which advanced to a daily high of $46.70 earlier in the session, was last seen trading at $45.50, where it was still up 0.35% on a daily basis.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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