For Russia, oil pact extension falls short of a home run

With Russia and Saudi Arabia backing an extension to the existing oil output cut agreement, The Moscow Times publishes an analytical piece suggesting the Kremlin, in a sense, needs the deal because it is generally keeping oil around of above $50 a barrel. However, the output cut deal is no home run for Moscow as it has failed to achieve the goal of $60 a barrel, and it has created market expectations, meaning the price of oil will likely dive if and when the agreement is not renewed.

 

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