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Russia Admits Need to Bolster Oil But Does Not Reach Out to OPEC

  • Current prices are “of course low,” Kremlin’s Peskov says
  • Russia to analyze market before forming view on any OPEC ties
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Oil Slumps to 18-Year Low as Saudi Arabia Doubles Down on Price War

With oil plummeting near an 18-year low amid unprecedented supply and demand shocks, Russia finally admitted: crude is too cheap.

“Of course it’s a low price, we would like to see it higher,” Kremlin spokesman Dmitry Peskov said on a conference call, signaling for the first time that the country’s tolerance of low prices may be wearing thin. Yet he stopped short of reaching out to partners in the OPEC+ alliance as the brinkmanship between Russia and Saudi Arabia persists.