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Russian Energy Minister Alexander Novak recently crossed the wires saying that the oil output could be increased in case  of oil deficit on the market.

Key quotes (via Reuters)

  • Sees balanced level of oil prices at $70-80/bbl.
  • No one interested in high oil prices.
  • OPEC+ countries have capacity to increase oil output to 100% this year.
  • Russia can increase oil output, but won’t necessarily do it.