A firefighter is seen on a site, as smoke billows from a fire at oil refinery, owned by Russian oil producer Gazprom Neft, in Moscow, Russia, November 17, 2018. REUTERS/Tatyana Makeyeva
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Russia and Saudi Arabia agreed to extend into 2019 their deal to manage the oil market, known as OPEC+, although Moscow and Riyadh have yet to confirm any fresh output cuts. Russian President Vladimir Putin announced the extension after a meeting Saturday on the sidelines of the Group of 20 with Saudi Arabian Crown Prince Mohammad bin Salman. The comments open the door for a deal at the OPEC meeting next week in Vienna.While both talked about progress and extension of the cooperation, neither the Russians nor Saudis made any formal declaration about output volumes.Earlier this week, an advisory group to OPEC told ministers the market is oversupplied, with a need to cut about 1.3 million barrels a day from October levels.OPEC, which pumps four-in-10 barrels produced worldwide, will convene in Vienna on Dec. 6 to discuss output cuts after oil prices in November suffered the largest monthly drop since the global financial crisis in 2008 .Putin and the crown prince ended years of animosity between the two largest oil exporters in 2016 and have worked together since then in a deal known as the OPEC+ group that includes the cartel plus non-OPEC members like Russia, Mexico, Azerbaijan and Kazakhstan.
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