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Russia has fulfilled its oil output cut agreement by almost 100% in August, Russian energy minister Alexander Novak said on Monday, Reuters reported, citing Interfax news agency.

Additional takeaways

“Data on the compensation of oil output cuts from the deal’s laggards will be known by mid-September.”

“Belarus has a capacity of supplying 3-4 million tonnes of oil products via Russian ports.”

“No information on request by OPEC+ deal laggards to extend the period for compensation of overproduction. We haven’t ruled this out, could be discussed in September.”

Market reaction

Crude oil prices remain under modest pressure on Monday. As of writing, the barrel of West Texas Intermediate was down 0.78% on a daily basis at $39.12.

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