Russia on December 17 said it would deepen oil export cuts in December by potentially 50,000 barrels per day (bpd) or more, earlier than promised, as the world's biggest exporters try to support declining global oil prices. Saudi Arabia and Russia, the world's two biggest oil exporters, called in December for all OPEC+ members to join an agreement on output cuts after a fractious meeting of the producers' club. Deputy Prime Minister Aleksandr Novak was quoted by Russia's three main news agencies as saying that Russia would deepen cuts beyond the 300,000 bpd of cuts already agreed for this year.
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