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Russia says $45 to $50 per barrel acceptable

CCTV.com

04-07-2016 19:28 BJT

Russia reportedly believes an oil price of 45 to 50 dollars per barrel would allow the global market to balance. Sources familiar with Russian plans said Moscow believes that if prices go higher, shale oil production could also start to recover.

Russia, Kazakhstan and Azerbaijan have all seen their currencies fall sharply on weak oil. They're hoping that output-freezing deal can speed up rebalancing of supply and demand, and  prop up prices.

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