U.S. Energy Secretary Rick Perrey said he believed that the US sanctions against Iran would be reinstated and that the decline in global oil supply would be compensated by the increase in Saudi Arabia and Russia's production. Russia's Energy Minister Aleksander Novak said that if OPEC members fail to agree on a 1 million barrel/day production increase, they will increase oil production by 200,000 barrels/day in the second half of the year, while Russian oil companies will increase their producti…
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