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Reuters reports Russian Energy Minister Novak’s comment cited in a statement published by the Energy Ministry of Azerbaijan on Sunday, ahead of a meeting of OPEC and non-OPEC oil-producing countries scheduled for Monday in Baku.

Key Headlines:

Talks need to be held in May to decide on the future steps of an oil output pact between OPEC members and other major oil exporters known as OPEC+.

Russia has started to cut production of oil by 140K bpd, part of the OPEC+ deal.