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OPEC Secretary-General Mohammad Barkindo announced that they will be publishing a statement on the outcome of the informal meeting that took place Thursday evening.

When asked what OPEC will do if non-OPEC producers do not agree to additional output cuts, “I don’t share your pessimism. There is no reason to doubt Russia’s commitment,” Barkindo added.

WTI reaction

Crude oil prices largely ignored these remarks. The barrel of West Texas Intermediate (WTI) was last seen trading at $46.10, erasing 2.3% on a daily basis.