Russia is complying 100% with the OPEC+ production cut quota, according to Alexander Novak, who spoke to Rossiya-24 television on Wednesday, Russian news agency Tass reported. “We are at a high level. In July, we fulfilled 97% of our level. This is a high figure for us. We have attained 100% in August. As of today, we are fulfilling 100% of the obligations we assumed in August,” Novak claimed. Novak also claimed that the oil market is close to balancing itself. Meanwhile, Saudi Arabia’s energy minister Prince Abdulaziz said that global oil demand would recover by the end of the year. According to Novak, OPEC+ has “practically reached the results” that it set out to reach in balancing the market, with oil demand recovering to 90% of the pre-covid-19 level. The balancing was, in part, attributed to supply being a million barrels per day lower than demand, Novak said. […]