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Russia’s Novak: We understand that current prices are short-term

Russian energy minister Alexander Novak recently crossed the wires, providing the key quotes (via Reuters) found below.

Oil market is becoming balanced.

Market is not balanced yet.

We understand that current prices are short term.

We need to monitor prices in long term.

Will discuss this in Oman in a week’s time.

We will discuss smooth exit from global oil output cut deal.

Will look at oil prices in Jan-March and draw conclusions.

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