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A dramatic set of meetings starting Thursday and ending Sunday ended the oil conflict between Saudi Arabia and Russia. This debate included several twists and turns including a dramatic refusal by Mexico to implement the requested cuts. This is exactly what was just agreed to and the debate to get to those terms.
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Russia and Saudi Arabia are in a competition to see who can put the other’s oil industry out of business. The pain of this competition has expanded to every country that exports oil including the United States whose crude oil industry has taken a huge hit. Here’s what’s happening and what major oil entities are doing about it.
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