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The two producers said overnight that they were open to further output cuts on top of the almost 10-million-barrel cut agreed upon by OPEC+ earlier in April. They will “continue to closely monitor the oil market and are prepared to take further measures jointly with OPEC+ and other producers if these are deemed necessary,” Russian Energy Minister Alexander Novak and his Saudi counterpart Prince Abdulaziz bin Salman said in a joint statement.

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