Russian Energy Minister Alexander Novak attends a session of the St. Petersburg International Economic Forum (SPIEF), Russia May 25, 2018. (REUTERS/Sergei Karpukhin)
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Russia would be able to raise its oil output back to pre-cut levels within months if there is a decision to unwind the price-protection deal with OPEC and other producers, a Russian energy ministry official said.Moscow agreed to cut Russian output by 300,000 barrels per day (bpd) from a 30-year high of 11.247 million bpd in October 2016 as part of a deal to tighten the market and lift prices from less than $30 a barrel, their lowest in more than a decade.Russia and OPEC leader Saudi Arabia have talked of a gradual increase in output as the goal of removing excessive oil stockpiles has been achieved and the market is broadly balanced after producers last year began withholding 1.8 million barrels per day (bpd) to tighten the market and prop up prices.
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