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Oil and Coronavirus – A Tale of Strange Bedfellows

Just as COVID-19 was reaching pandemic proportions, negotiations between Russia and the Organization of the Petroleum Exporting Countries (OPEC) broke down when Russia refused to extend an agreement limiting oil production. The response from Saudi Arabia, OPEC’s largest member, was swift. Saudi Aramco, the nation’s oil producer, announced that it would increase production to 12.3 […]