Search ForexCrunch

Russian Energy Minister Alexander Novak said on Monday that he will be discussing the OPEC+ output cut deal with the heads of Russian oil companies later in the day, Reuters reported, citing Interfax news agency.

Earlier in the day, Goldman Sachs analysts said that they were expecting OPEC+ output cut deal of nearly 2 million barrels per day to be extended past January 2021.

Market reaction

This headline doesn’t seem to be having a significant impact on crude oil prices. As of writing, the barrel of West Texas Intermediate (WTI) was down 2.5% on a daily basis at $34.83.