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Oil production in Russia has continued to increase despite output cuts, noted  Russian President Vladimir Putin on Wednesday.

“Russia wants the energy market to be balanced and predictable,” Putin added and noted that they will continue to work with Saudi Arabia and the Organization of the Petroleum Exporting Countries (OPEC).

Regarding the rising shale production in the United States (US), Putin said the US was not taking Russia’s share on the global energy market.

Oil prices rose modestly on these comments and the barrel of West Texas Intermediate was last seen trading at $56.65, adding nearly 1% on a daily basis.