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Commodities

Russia quits OPEC+ deal but will monitor situation, says Novak

FILE PHOTO: Russian Energy Minister Alexander Novak arrives at the OPEC headquarters in Vienna, Austria December 6, 2019. REUTERS/Leonhard Foeger/File Photo

MOSCOW (Reuters) - There is no more oil output deal between Russia, its allies and members of OPEC oil-producing countries, Russian Energy Minister Alexander Novak said on Friday, adding that the OPEC+ group of nations would continue to monitor the market situation.

“Considering the decision taken today, from April 1 of this year onwards, neither we nor any OPEC or non-OPEC country is required to make (oil) output cuts,” Novak said.

Reporting by Olesya Astakhova and Polina Ivanova; Writing by Katya Golubkova; Editing by David Goodman

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