Russia's Novak: OPEC and Non-OPEC countries agree to extend oil cuts deal by 9 months

Russia's Energy Minister Alexander Novak crossed the wires in the last minutes announcing that OPEC and non-OPEC countries have agreed to extend the oil output cut deal by nine months, per Reuters. Below are some key takeaways as he continues to speak in Vienna.

"Oil market was stable in the first half."

"We managed to avoid significant growth of reserves in the first half."

"The oil market is fairly stable."

"There is a lot of uncertainty. Different scenarios for the second half were considered."

"We will continue to monitor the oil market. If needed we will take action to balance market."

Crude oil seems to be reacting negatively to Novak's comments with the barrel of West Texas Intermediate edging lower to $58.70, where it was down 0.8% on the day.