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Russia’s energy ministry has called a meeting with Russian oil producers on Wednesday, Reuters reported on Tuesday, citing two sources familiar with the matter.

The ministry is expected to discuss future cooperations with OPEC at the meeting.

Earlier in the day, Russia’s Energy Minister Alexander Novak said that they could raise their oil output by 500,000 barrels per day (bpd) in the near future.

Crude oil reaction

The barrel of West Texas Intermediate largely ignored this headline and was last seen trading at $33.50, adding 11% on the day.

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