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WSJ seeks reasons for OPEC's oil production cuts, but they are obvious: Saudi Arabia needs money to develop its own economy

According to WSJ sources, U.S. officials called Saudi Arabia a few days before the OPEC meeting. They asked to postpone production cuts and also warned that a drastic reduction would mean an acceptance by Russia.

Next year, Saudi Arabia will only be able to provide money for the budget if the oil price is $75. This is the main benchmark for OPEC. Russia is happy with such a price.

ECB tries to save EU economy - central bank will be flexible in reinvesting PEPP program

The pandemic has left persistent vulnerabilities in the eurozone economy that contribute to the uneven normalization of our monetary policy among different countries, the ECB said. The ECB has instructed Eurosystem committees and ECB services to accelerate the development of a new mechanism to combat fragmentation. Why it matters. Rising

Price for oil price cap yet to be determined, head of European Commission

"The EU is ready in principle to go to the oil price cap," von der Leyen added. Earlier, the head of the U.S. Treasury Yellen said that the U.S. is not against the purchase of oil by India above the price cap. The WSJ also reported citing sources

U.S. officials forced to roll back plan to limit Russian oil prices - Bloomberg

India and China - Russia's most important trading partners - will not participate, Bloomberg sources said. The price cap plan is still alive after all. However, the price cap will be higher than previously thought. Earlier, U.S. Treasury Secretary Yellen said the price ceiling could be in the range

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