What OPEC's Surprise Oil Production Cuts Have to Do With De-Dollarization
The Breakdown
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Saudi Arabia and Russia Announce Surprise Cuts to Oil Production Quotas
Saudi Arabia and Russia will reduce their production quota by half a million barrels per day, with the cuts going into effect from May through to the end of this year. The White House commented that the cuts were ill-advised under current market conditions. Bloomberg's lead headline this morning blared, what's next for oil after surprise OPEC plus cuts? Try $100 a barrel.
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