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OPEC kingpin Saudi Arabia said Tuesday it was closely monitoring oil markets and stood ready to take further measures after crude prices plunged to historic lows. "The kingdom continues to closely monitor the situation in the oil markets and is prepared to take any additional measures in cooperation with OPEC+ and other producers," the cabinet said in a statement cited by the official Saudi Press Agency. It said cabinet reiterated that the kingdom is constantly working to achieve stability in the oil market, reaffirming a commitment along with Russia to implement agreed output cuts over the next two years.

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