Comments by Russian energy minister, Alexander Novak
- Says Russia hasn't received any OPEC+ proposal for a 1 mil bpd cut
- Says "we are focusing on what the technical committee discussed"
Oil isn't really liking the headline here as it pares some of its gains on the day. So far, what was "discussed" was only a 600k bpd output cut and even then, Russia has been playing hard to get over the past few weeks.
Let's see what happens OPEC+ meets up later this week and if Saudi Arabia can broker yet another agreement for higher output cuts. Either way, it will be tough to see oil sustain any major rally until the virus situation starts to die down.
Oil is now up by 1.0% on the day at $45.20 after having risen to a high of $46.71 earlier.
