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Russia’s Eyes $50 Oil This Year, but Won’t Attend June OPEC Meeting

Russian Energy Minister Alexander Novak said today that it is unlikely that Russia will participate in the OPEC summit scheduled to be held on 2 June in Vienna, but meanwhile is predicting that oil prices could reach $50 per barrel this year. Novak said that Russia had not been extended an invitation by OPEC for the June meeting, but that a Russian delegation would meet separately with OPEC members and maintain contact with the new Saudi energy minister. On Thursday, the Russian energy minister said the global oil market could only balance out…