Who should we trust...Oil collapsed into a bear market this year as the U.S. pumps crude at the fastest rate in more than three decades amid signs of weakening demand. Russia and Saudi Arabia together account for about 25 percent of global output.
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While the Russian government has discussed a cut, it has no current plans to reduce output to arrest the decline, according to Energy Minister Alexander Novak. It hasn’t made a final decision because the economy is heavily dependent on oil revenue, he said today in Moscow.
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Russia is technologically unable to increase or decrease oil output quickly, Novak said.