Russian Energy Minister Alexander Novak crossed the wires in the last minutes saying that he discussed with his Saudi counterpart, Al Falih, cooperation within the framework of the OPEC+ output cut agreement.
Earlier in the day, Iraqi oil minister said that they were in favour of extending cuts until the end of the year but said the current 1.2 million barrel supply cut may not be enough to balance the market.
As of writing, the barrel of West Texas Intermediate was trading at $59.60, largely ignoring Novak’s remarks.
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