Vladimir Putin has said that Russia could suffer “catastrophic consequences” from sanctions, the falling oil price and the sliding rouble, while claiming they would have knock-on effects for other countries.
Prices could plunge to $60 US a barrel if OPEC does not agree to a significant output cut this week, according to market players.
Lower oil prices, while good for the broader U.S. economy, are a threat to what has been a surprising and dramatic surge in oil production in the U.S., and to drilling communities that have come to depend on oil money.
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