Crude shock | Motilal Oswal sees oil at $20/bbl post Saudi output boost
Russia seemed determined to go against Saudi’s wish for further output cut, as Russia is certainly betting that price crash will cause US production to crash, helping restore its dominance.
After five hours of polite but fruitless negotiation, in which Russia clearly laid out its strategy, the talks broke down. Post that, oil prices have struggle to recover and are down over 30 percent.
A three-year pact between OPEC and Russia
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