|First time I saw this headline|
Oil prices plunge as Russia overproduced in August
August 30, 2019
Crude oil futures tumble following reports that Russian Energy Minister Novak said Russia's oil production cuts this month will come in slightly below those agreed under the deal between OPEC and non-OPEC producers; WTI -3.7% to $54.63/bbl, Brent -1.2% to $60.32/bbl.
Novak also reportedly said the countries in the deal would discuss the agreement and the market situation at OPEC's Joint Ministerial Monitoring Committee meeting on Sept. 12.
But with Russia "faltering," it is possible the production deal "may not be taken for granted," says Price Futures analyst Phil Flynn, while noting Russia "over-complied" in July.
Earlier this week, the Monitoring Committee, which monitors compliance with the cuts, pegged overall conformity at 159% in July.
The front-month WTI contract still looks headed for a weekly gain after a large drop in U.S. inventories and cautious optimism on trade.