Crude Oil Plunges to Lowest Since 2017 After Russia Rejects Steep OPEC Cut

Russia balked at OPEC’s proposed steep production cuts to stabilize prices. A Russian high-level source told Reuters that Moscow would not back a call for extra reductions in oil output and would agree only to an extension of existing cuts by the Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+.

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