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Russia’s Energy Minister Alexander Novak said on Monday that the total oil output cuts in May and June could total 15-20 million barrels per day (bpd). Novak further noted that he has met with domestic oil producers ahead of the OPEC+ emergency meeting and added they supported production reductions.

Earlier in the day, Saudi Arabia’s energy minister Prince Abdulaziz bin Salman told reporters that the effective oil supply cuts by OPEC+, G20 nations and SPR purchases will account to about 19.5 million (bpd) in total global reductions.

Market reaction

Crude oil prices largely ignored these comments and the barrel of West Texas Intermediate was last seen trading at $22.95, down 0.95% on the day.