JRL NEWSWATCH: “Russia says oil price war with U.S. would be too costly” – Reuters
“Russia should not unleash an oil price war against the United States but … stick with output cuts even … losing market share in the medium term, one of the main Russian architects of a production pact with OPEC said. Since 2017, Russia and OPEC have cut oil production jointly … to boost the price of crude. … oil has traded between roughly $60 and $85 per barrel, from below $30 before …. ‘For U.S. shale production to go down, you need oil prices at $40 per barrel and below. … not healthy for the Russian economy,’ Kirill Dmitriev, head of the state-backed Russian Direct Investment Fund, said …. The rise in prices … brought roughly an additional $110 billion … to Russia, Dmitriev said. However, higher oil prices have also helped the United States …. [U.S.] production has rocketed, overtaking … Russia and Saudi Arabia and making it the world’s largest oil liquids producer. …”