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Russia, which isn't part of OPEC, said last week it was willing to hold its production steady but stopped short of agreeing to cut its output, which is the highest of any country. Iran said on Saturday it was negotiating an exemption from cutting its output, the third-highest in the 14-nation OPEC cartel behind Saudi Arabia and Iraq.

Saudi Arabian officials are concerned by the reluctance of those two countries to join cuts, OPEC representatives have said, worrying they will trim their own production and then watch other countries swoop in and steal the kingdom's former market share, as happened during the 1980s.

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