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Putin’s Victory in the Oil War
Putin’s Victory in the Oil War

A meeting of OPEC+ oil producers last week broke down when Russia insisted on raising production targets by 500,000 barrels per day in February. Russia wanted to take 150,000 rubles for itself. Most of the other participants wanted to leave the reduction unchanged. But to prevent Russia from raising production, Saudi Arabia has taken the unprecedented step of unilaterally reducing crude oil production by 1 million barrels per day starting next month, on the condition that there will be no...

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