Russia and Saudi Arabia reach important understanding

Russia and Saudi Arabia reach important understanding
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MOSCOW - Russia has agreed with Saudi Arabia to extend a deal with OPEC on reducing oil output as oil prices come under renewed pressure from rising U.S. supplies and a slowing global economy.

Addressing a news conference in Osaka, Russian President Vladimir Putin said the deal would be extended in its current form and with the same volumes.

Meanwhile, Saudi Energy Minister Khalid al-Falih said the deal would most likely be extended by nine months and no deeper reductions were needed.

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