VIENNA — Oil prices fell sharply Thursday amid expectations the powerful oil collective OPEC will decide against intervening in global markets by cutting production levels.
Crude oil prices plummeted over 2% to $72.15 a barrel. In June, prices were as high as $115 a barrel.
Russian lawmaker @A_Sidyakin on OPEC's decision not to cut oil output: "The ghost of the shale gas revolution has frightened the sheiks"
Now we know the true profit margin for Russian oil.
#Rosneft in response to #Opec decision: "Nothing extraordinary is happening. Rosneft has a safety margin given net prodn costs of $4/bbl"
Russia dep finmin says hopes of $80 oil now look 'moderately optimistic,' problem of excess supply 'won't be resolved quickly'
Oil prices plummet after OPEC says it won't intervene in markets. RU LUKOIL defies it'll produce oil w/max profit even if prices fall to $25
But when your national budget is geared for 80 now and formally for 100 then 25 is a major economic disaster.
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