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Russia, OPEC could ditch oil deal to fight U.S. for market share - Russian minister

Russia, OPEC could ditch oil deal to fight U.S. for market share - Russian minister
FILE PHOTO: Russian Finance Minister Anton Siluanov attends a session during the Week of Russian Business, organised by the Russian Union of Industrialists and Entrepreneurs (RSPP) in Moscow, Russia March 14, 2019. REUTERS/Maxim Shemetov   -   Copyright  MAXIM SHEMETOV(Reuters)
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MOSCOW (Reuters) – Russia and OPEC may decide to boost production to fight for market share with the United States but would see oil prices drop to as low as $40 per barrel, TASS news agency сited Russia’s Finance Minister Anton Siluanov as saying on Saturday.

Speaking in Washington, Siluanov said that oil prices could drop to $40 per barrel or even lower for up to one year if the output cut deal is abandoned.

(Reporting by Maxim Rodionov. Editing by Jane Merriman)

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