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QP - The Week in Crude Oil Markets - March 9, 2020
A collapse in oil prices followed last week’s disastrous OPEC+ meeting, with front-month WTI dropping $4.62/bbl Friday to settle at $41.28/bbl and subsequently opening Monday morning at $32.29/bbl. Russia refused to go along with OPEC’s plan to cut 1 MMbbl/d on the condition that non-OPEC participants to the OPEC+ deal also cut 0.5 MMbbl/d, which would have fallen mostly on Russia. In response, Saudi Aramco slashed official selling prices for its customers over the......
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