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In riposte to Riyadh, Russia says it is prepared to ramp up oil output

Energy Minister Novak says it can raise production to 12-13 million bpd from current 11 million bpd

Moscow

RUSSIA said on Wednesday that it was prepared to push oil production to historic highs, just days after a global deal to freeze output levels collapsed and Saudi Arabia threatened to flood markets with more crude.

Venezuela predicted that prices could crash in the next few