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"In the current unstable market and the huge uncertainty we are seeing, our coordinated action aimed at consecutive and stable supply to the market and ensuring its stability are key to give us longer visibility," Novak said.

Non-OPEC members back cartel's extension of production cuts →

"I think this is a strong signal to anybody who has doubted it that our cooperation is continuing and we can react to any challenge the market throws at us," he said in Russian through a translator.

Oil producers join forces and cut production again →

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