While OPEC and its partners are scheduled to meet in April, they can hold a meeting at any time if a quick response is required, Novak said.
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Oil in London dipped below $50 a barrel for the first time since July 2017 before recovering as the market turmoil and worries over U.S. supply countered signs the OPEC+ coalition may extend or deepen output cuts.Futures in London gained as much as 3.1 percent Wednesday after earlier falling as much as 1.1 percent on the first day of trading following Monday's 6.2 percent drop. Russian Energy Minister Alexander Novak tried to reassure investors, saying the market would be more stable in the first half of 2019 and signaled cooperation by OPEC and its allies in supporting the market.Oil has plunged more than 40 percent from a four-year high in October on the prospect of a supply glut.
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