Oil futures sunk by 31% in a matter of seconds after the open of trading Monday in Asia, the worst decline since the Gulf War in 1991.
Fracked oil and gas wells experience steep production declines compared to conventional wells. Developers keep drilling to maintain output and generate cash.
For several months, Novak and his team had been telling Saudi officials they liked being in the OPEC+ alliance but were reluctant to deepen production cuts, according to people familiar with the relationship. At the last OPEC meeting in December, Russia negotiated a position that allowed it to keep production fairly steady while Saudi Arabia shouldered big reductions.
Rosneft is delighted with the breakup. It can now move to boost its market share, said spokesman Mikhail Leontiev.
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