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You have certainly heard the news: Russia refused to support deeper oil production cuts, Saudi Arabia decreased its official selling prices, and the OPEC/non-OPEC deal disintegrated. As a result, WTI oil (USO) prices have briefly visited sub-$30 levels, while Brent oil (BNO) traded close to $31 at one point. In this article, I will discuss the factors that impacted Russia's decision and the potential longer-term consequences of the move for oil-related stocks.
Russia before collapse of the deal
If Russia's leaders learned anything from the country's financial collapse in 1998, it