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Putin just sparked an oil price war with Saudi Arabia — and US energy companies may be the victims [MSNBC.com]
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Vladimir Putin just sparked what could end up being one of the ugliest oil price wars in modern history, and American oil and gas companies may be the victims. This weekend Saudi Arabia dropped the oil bomb. The dramatic action is in response to a contentious, and ultimately failed, OPEC meeting in Austria on Friday. OPEC members laid out a proposal to further cut oil output quotas by as much as 1.5 million barrels per day. OPEC itself was aligned on the deal, but non-OPEC member Russia said "nyet," effectively killing it. A source inside the negotiations tells me that as the two sides worked out production cut plans, in the end the "red lines weren't even close." The source added that the Russians "definitely don't want to continue to support shale" at least in part because the Rosneft sanctions were still "too raw." It was only three weeks ago that the Trump administration imposed sanctions on Russian oil giant Rosneft for transporting Venezuelan oil. Secretary of State Mike Pompe
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