March 2016, Vol. 243, No. 3

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Russia Says Global Deal to Cap Oil Output is Close

MOSCOW (AP) — Russia says it is close to an international deal with OPEC countries to cap oil production, and that a final decision will be made at a meeting this month. Saudi Arabia, Russia, Venezuela and Qatar floated an output cap last month with the aim of boosting oil prices, but it was conditional on other producers joining in. Iran has so far resisted, while Russia has agreed. Addressing top state and private sector oil executives, Russian President Vladimir Putin said Energy Minister Alexander Novak “is agreeing and practically has agreed with his partners in the global market” to cap oil output. “It’s about us not ramping up oil production this year,”

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