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OPEC released its 2019 World Oil Outlook, in which the producer group said it would supply a diminishing amount of oil in the next five years.
Russia has agreed with Saudi Arabia to extend by six to nine months a deal with OPEC on reducing oil production.
Iran has no plans to leave the Organization of the Petroleum Exporting Countries (OPEC), Oil Minister Bijan Zanganeh says.
Oil prices hit their highest since November after Washington announced all waivers on imports of sanctions-hit Iranian oil would end next week.