Why OPEC Will Keep Oil Flowing
Igor Sechin, chief executive of Russia's biggest oil company, state-owned Rosneft, said something surprising after a meeting this week in which officials from oil-producing countries failed to agree on the need to cut output. Russia will be fine, he said, even if the oil price falls to $60 or less per barrel. How can that be, if, according to a recent Deutsche Bank estimate, Russia needs a price of about $100 a barrel to balance its budget this year?
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