Crude Slides After Russia Warns Of Production Increase: “Was Never Ready To Cut Output”

Wednesday, April 20, 2016
By Paul Martin

by Tyler Durden

Perhaps upset at the weekend’s development, Russia has decided to rattle the global crude complex cage. Amid hopes of a freeze, Russia’s energy minister Alexander Novak has reversed course and stated that Russia could “in theory” increase oil output and “was never ready to cut production.” It appears things are rapidly breaking down between Russia and The Kingdom – which perhaps explains Obama’s rapidly arranged trip to kiss the ring in Riyadh.

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