Russia's Novak: Compliance with OPEC+ oil output cut deal at 89%

Producers' compliance with the OPEC+ oil output cut deal currently stands at 89%, Russian energy minister Alexander Novak told Bloomberg on Wednesday. 

Additional takeaways

"Russian compliance with OPEC+ deal is almost 100%."

"Russia plans to fulfil the deal in full."

"Oil demand bottomed out in April, we saw signs of recovery in May."

"Optimistic on global oil demand recovery."

"We need to monitor how the situation is changing in the oil market."

Market reaction

Crude oil prices continued to edge lower after these comments. As of writing, the barrel of West Texas Intermediate (WTI) was last seen losing 1.12% on the day at $37.52.