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Putin Makes Painful Climbdown as He Sues for Peace in Oil War

  • In reversal, Russia assuming more cuts than Saudi Arabia
  • U.S. main winner from OPEC+ deal as Trump avoids commitments
Vladimir Putin 

Vladimir Putin 

Photographer: Alexey Druzhinin/AFP via Getty Images

Vladimir Putin’s deal with OPEC to cut oil output and boost prices three years ago was a triumph for the Russian leader, bolstering his clout on the global stage. But now he’s had to to make stinging concessions after U.S. President Donald Trump stepped in to end a price war.

Amid relief in Moscow at the unprecedented deal with Saudi Arabia and other major producers to slash oil output, the accord marks a painful setback for Russia, said two people close to the Kremlin.