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YGRN - Russia And Saudi Play A Dangerous Game Of Chicken
Bank of Montreal ZC SP ETN REDEEM 25/03/2039 USD 50 - Ser E YGRN
This article will tackle the big, really new news. Saudi Arabia announced that it will increase oil production from 9.7 million barrels a day to 10 million and then to 12 million if needed. This news alone sent the oil price down 20% - and the whole stock market with it.
We understand the market's reaction, but we don't view this news as negatively as the market does. Let us explain what Saudi Arabia is trying to achieve.
Saudi Arabia and Russia have had a very cozy relationship over the last few years. Though Russia