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Russia Hasn’t Decided to Cut Oil Output in Preparation for OPEC

Russia’s energy minister said his country hasn’t decided to cut oil production as he prepares to meet with OPEC ministers to discuss the crude market.

Russia is already helping to balance the oil market by keeping output steady, Alexander Novak said today in an interview with state TV channel Rossiya 24. There’s only a small chance the Organization of Petroleum Exporting Countries will agree to reduce output at a meeting this week, he said.