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Russia Ex-Finance Minister Believes Not All OPEC States to Commit to Ceiling

© REUTERS / Ruben SprichRussia's former finance minister Alexei Kudrin speaks during the session 'The Russia Outlook' in the Swiss mountain resort of Davos January 23, 2015
Russia's former finance minister Alexei Kudrin speaks during the session 'The Russia Outlook' in the Swiss mountain resort of Davos January 23, 2015 - Sputnik International
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Former Russian Finance Minister Alexei Kudrin stated that not all the Organization of the Petroleum Exporting Countries' (OPEC) member states will be fully committed to the agreements to limit oil output.

SOCHI (Sputnik) — Not all the Organization of the Petroleum Exporting Countries' (OPEC) member states, which agreed to a deal to limit oil output in Algiers, will be fully committed to the agreement's implementation, former Russian Finance Minister Alexei Kudrin said Friday.

"I think that not everyone will be fully committed to the agreements. For a certain period, 1-2 years, it will stabilize the prices," Kudrin told journalists speaking at the Sochi International Investment Forum 2016.

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He added that further developments will depend on the "more fundamental factors."

On Wednesday, OPEC agreed to lower production to a range of 32.5 to 33 million barrels of oil per day from 33.4 million in a bid to re-balance the world oil market amid oversupply that caused prices to plunge to as low as $26 a barrel in February this year.

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