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Oil extends decline as Saudi Arabia, Iran resist production cuts

Mr al-Naimi believes high-cost producers should bear the burden of rebalancing markets.


OIL extended declines after oil ministers from Iran and Saudi Arabia signalled they're unwilling to curtail production. Also pressuring prices, the American Petroleum Institute (API), an industry group, said on Tuesday crude inventories rose by 7.1 million barrels last week, far...

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