Russia's Novak: Russia to cut September oil output to comply with OPEC+ deal

Eren Sengezer FXStreet

According to Interfax news agency, Russian Energy Minister Alexander Novak today said that Russia is planning to cut its September oil output in order to comply with the OPEC+ deal.

Crude oil prices don't seem to be reacting to these remarks. As of writing, the barrel of West Texas Intermediate (WTI) was down 1.1% on the day at $57.80 and the barrel of Brent was trading at $64.06, erasing 0.9% on a daily basis.

Earlier in the day, reports of Saudi Arabia's oil facilities planning to fully restore production as early as next week weighed on crude oil prices.

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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