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Russia’s Energy Minister Alexander Novak is on the wires now, via Interfax, making some comments after Reuters quoted sources saying that the OPEC and non-OPEC are discussing increasing oil output by around 1 mbpd.

Key Points:

Russia will fully implement OPEC and non-OPEC oil pact in May.

We will discuss all the proposals in June when asked about possible oil production increase by 1 mln bpd.