International benchmark Brent crude traded
Thursday over $34 a barrel as the U.S. benchmark
West Texas crude traded under $27. That is just
over 50% lower than at the start of the year. At
one point, prices were down about 60%.
In Russia, which relies on oil as the main source
of income, the price collapse caused ruble to
crash, which in turn boosted the cost of imports
and sped up inflation.
Russia’s Energy Ministry said Wednesday it is
prepared to cut production by 1.6 million barrels
a day, about 14% of its overall production, under
an OPEC+ deal.