Russia's Novak: August oil cuts will be slightly below those agreed with OPEC+

According to RIA and Interfax news agencies, Russian Energy Minister Alexander Novak today said that Russia's oil output cuts in August will be slightly below those agreed with OPEC+.

"OPEC and non-OPEC countries will discuss the deal and the market situation at the Monitoring Committee meeting on September 12," Novak announced. "Russia is aiming for full compliance with the deal despite a slight increase in output in August."

Crude oil prices came under pressure on these comments and the barrel of West Texas Intermediate was last seen down 2.5% on the day at $55.20.