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In a flashback to the 2014 Thanksgiving massacre, the OPEC+ deal to further cut crude oil production was blocked last week by Russia, which refused to cut its own production significantly under an ultimatum from Saudi Arabia. Saudi Aramco initiated a price war by pushing through price cuts on its own oil exports and crude oil plunged following the news. Global equities opened the week sharply lower as a result.
The OPEC+ price war is one of the three worst possible shocks for markets engulfed by the