Crude oil prices hit a lower note at Monday's trade opening as the growing supply glut in the global oil market heightened tensions and pushed prices down.
International benchmark Brent crude was trading at $59.14 per barrel at 0605 GMT for a 0.5% loss after it closed Friday at $59.42 per barrel.
American benchmark West Texas Intermediate was at $53.73 a barrel at the same time for a 0.1% decline after it ended Friday at $53.78 a barrel.
In September, Russia produced more oil than it agreed in the agreement with OPEC and its allies, dubbed as OPEC+, due to an increase in its natural gas condensate production as the country prepares for the winter season.
Despite rising output, the world's second largest oil producer managed to reduce its oil production by 200,000 barrels per day last month, Russian Energy Minister Alexander Novak was quoted saying by TASS news agency. However, that level was still less than what Moscow agreed in the OPEC+ deal.
While OPEC+ agreed to cut their total production by 1.2 million barrels per day (bpd) on Dec. 7, 2018 compared to their October 2018 levels, Russia was to lower its output by 228,000 bpd as part of the deal.
Furthermore, more output could be seen with Saudi Arabia and Kuwait currently in talks to increase oil production from joint fields in Neutral Zone between the two countries, which could see increases of as much as 500,000 bpd.
Both countries are members of OPEC, and are part of the agreement that was extended until the end of March this year.
By Ovunc Kutlu
Anadolu Agency
energy@aa.com.tr