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Ref.: Out go the lights in Russia

A result of all the mess going on in Russia, i.e. devaluation and a domestic economy collapsing, is that Russia will be even more agressive in its exports of both crude oil and petroleum products. On the petr.products market, we are seeing in last few days a flood of products being offered out of Russia, even products they would normally import....!
With Brent and WTI still in the $12-15/barrel range,it looks like that OPEC measurements that would otherwise start to bite in 4th quarter '98, are now being overshadowed by events in Russia......if you can get cheap products ex-Russia, it's going to have an effect on the crude pricing.
We are not out of the woods yet.........expect volatility in crude pricing to continue and new testing of lows........$10/barrel for Brent?
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