Russian President Vladimir Putin is keen to reach an agreement with OPEC to freeze oil production in hopes of prices regaining strength. With the U.S. shale boom supplying most of North America, OPEC has increased production to maintain their market share. This has caused massive price reductions, putting many countries at a loss. Two years ago crude oil was priced at around $100/barrel, but in today’s inundated market it rests below $50.
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