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Kremlin spokesman Dmitry Peskov is seen listens during Russian President Vladimir Putin's annual end-of-year news conference in Moscow on Dec. 19, 2019.EVGENIA NOVOZHENINA/Reuters

The Kremlin said on Wednesday that it was too early to draw any conclusions about possible additional steps to stem the slump in oil prices before the global deal agreed by the OPEC+ group takes effect on May 1.

Oil prices slumped to less than $16 a barrel on Wednesday, hitting their lowest level since 1999, with the market awash with excess supply as the economic fallout from the coronavirus pandemic continues to hammer demand for fuels.

“We should make an analysis just when the OPEC+ deal starts working... Now, we have just to wait,” Kremlin spokesman Dmitry Peskov told reporters when asked about any potential additional measures Russia could take in connection with the weak oil prices.

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