Putin: Russia, Saudi agree to renew oil output cuts

President Vladimir Putin said Saturday that Russia and OPEC kingpin Saudi Arabia had agreed to renew a pact on oil production cuts, as crude prices slump on global markets. There was no immediate word from the Saudis, but financial markets have been expecting the deal to be renewed between the kingdom and non-OPEC member Russia as the cartel prepares to meet next week in Vienna.

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