Putin’s $40 Oil Lie

13 June 2019

Much has been made of President Vladimir Putin’s recent claim that crude oil prices are acceptable at present levels, and the Russian economy could even weather $40 per barrel. Many oil market “tea leaf readers” have taken this to mean Putin has caved to the demands of his country’s oil oligarchs and Russia is unlikely to agree to an extension of last December’s OPEC+ deal at the scheduled mid-year meeting.

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