The announcement followed a statement by Venezuela's foreign minister that OPEC “should withdraw overproduction from the market."

OPEC Secretary, Abdullah Al-Badri has said that “the decline of the price does not reflect a [change in market] fundamentals.”

With Russia’s economy tumbling in recent months, Russian Finance Minister Anton Siluanov has said that the Kremlin needs to review the state budget, according to RIA Novosti.

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