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Shake out / bankrupt more expensive rival producers, regain market share and value of their primary asset while it’s still worth something. Also possibly a power move against Putin.
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a useful start--> https://twitter.com/KS1729/status/1238526979898511364?s=19 … another theory: peak oil demand expected in 2032 before renewables kick in full force. so he wants india/China locked in fixed rate contracts for the long term at significant volumes at a low fixed price--> https://www.ft.com/content/8c17582a-6547-11ea-a6cd-df28cc3c6a68 …
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This is the one I believe. They have hundreds years of reserves which meant managing price was always the best choice. But if oil demand falls 80pct by 2100, the optimal choice now is to pump everything.
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afaik russia defected first from opec+ when saudi asked for another round of cuts
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russa felt like the cuts were just subsidizing/extending us shale (which, tbh, they were); shale was growing volume almost as fast as opec+ was cutting
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To reduce/kill competition from fracking companies in US
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This is the one that makes sense to me
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not sure about the conclusion, but the explanation for why saudi did seems clear enough.https://www.forbes.com/sites/ellenrwald/2020/03/09/russia-will-beat-saudi-arabia-in-this-oil-price-war/#9bdc7da14a6b …
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