Russia does not plan to raise oil output: Novak

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Russia has no plans to increase its oil output as the market has been oversupplied, Russian Energy Minister Alexander Novak told Reuters on Thursday.

International crude prices have fallen around 50 percent to under $26 a barrel since the Organization of the Petroleum Exporting Countries and other large oil producers led by Russia failed last month to agree to extend their deal to curb output.

However, they jumped 10 percent on Thursday after US President Donald Trump said he expected Saudi Arabia and Russia to reach an agreement soon to end their oil price war.

Novak said Russia has not yet discussed the oil market situation with Saudi Arabia, but does not rule this out.

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