According to Reuters, Russian Deputy Prime Minister Alexander Novak has claimed that, "Moscow remains reliable supplier but will not ship oil/oil products setting price cap."

• Novak also says Russia may also cut oil production if an agreement is reached to enact a US-led price cap on Russian oil.
• Novak's comments come after an eventful day on oil markets as rumours of a OPEC production hike drove Brent and WTI crude to lows not seen since January.
• Saudi officials have since denied reports and oil prices have clawed back losses.