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

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.