Novak said Russia was able to raise production to 12 or even 13 million bpd. REUTERS/Sergei Karpukhin
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Russia said Wednesday it was prepared to push oil production to new historic highs, just days after a global deal to freeze output levels collapsed and Saudi Arabia threatened to flood markets with more crude.Saudi Arabia said it could jack up output instead – by as much as 2 million barrels per day (bpd) to over 12 million, which would allow it to overtake Russia as the world's largest producer.So do we," Russian Energy Minister Alexander Novak told journalists on the sidelines of an international energy conference in Moscow.He said Russia was "in theory" able to raise production to 12 or even 13 million bpd from current record levels of close to 11 million bpd.Oil prices crashed to below $30 per barrel in January from as high as $115 in mid-2014 after Saudi Arabia decided to raise output to drive higher-cost producers such as the United States out of the market.
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