Russia paid a heavy price to end the oil price war

Just for perspective – Russia produced more than 11 MMbbl/d so far. In January Urals Crude was close to USD 60. Thats 660 MM USD per day. Now they cut to 8500 MMbbl/d and fetch 25 USD. Thats 212 MM USD per day. Two-thirds of your earnings gone. How long until someone in Moscow snaps?

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