Prime Minister Vladimir Putin of Russia visits an oil rig in the Caspian Sea operated by Lukoil, April 28, 2010. (Alexei Druzhinin/Pool via The New York Times)

Putin says Russian economy must brace for $40-a-barrel oil

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The Russian central bank published a worst-case economic scenario Dec. 15 that envisioned oil prices averaging $60 a barrel until the end of 2017.
(AP Photo / Alexander Zemlianichenko)

Oil trades near 5-year low as Russia echoes OPEC output policy

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Oil has slumped about 45 percent this year as a surge in shale drilling lifted U.S. output to the fastest pace in three decades amid slower growth in world demand.
(AP Photo / Alexander Zemlianichenko)

Ruble slides again as falling oil prices take toll

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The ruble has lost half of its value this year. But the decline intensified in the past months as the economy came under pressure from Western sanctions and plunging oil prices.
Vladimir Putin, Russia's president. (Andrey Rudakov/Bloomberg)

Cheap oil is hitting these countries the hardest

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The pain being felt in OPEC countries is likely being taken as good news in U.S. foreign policy circles.
People wave Russian flags as they look at Russian President Vladimir Putin delivering a speech on a screen on March 18, 2014, in Sevastopol.  (VIKTOR DRACHEV/AFP/Getty Images)

Russia warns of recession next year

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Russia’s economy has been damaged by low oil prices, a key export and the backbone of the state budget, as well as Western sanctions over its role in eastern Ukraine.
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German utility company E.ON to focus on renewables

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E.ON said in a statement late Sunday that the new strategy will see it quit conventional power generation, global energy trading, exploration and production.
Russian Energy Minister Alexander Novak. (Andrey Rudakov/Bloomberg)

Russian oil-output cuts to support OPEC seen as unlikely

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Brent crude oil futures rose as much as 0.8 percent to $80.30 a barrel in London trading Tuesday.
(AP Photo/Bela Szandelszky, File)

Russia considers joining OPEC oil output cuts in 2015

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The world’s biggest crude oil producer may agree to reduce output by 15 million tons in return for tens of millions in OPEC reductions.
Russian Foreign Minister Sergey Lavrov, right, welcomes Saudi Foreign Minister Prince Saud al-Faisal during their meeting in Moscow, Russia, Friday, Nov. 21, 2014. (AP Photo/Ivan Sekretarev)

Russian FM rejects intervention in oil production

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Sergei Lavrov said both Russia and Saudi Arabia did not want oil production targets to be affected by “political or geopolitical designs.”
Jim Ratcliffe, left, the founder of Ineos (ED Jones/AFP/Getty Images)

Ineos to invest $1B in UK shale gas exploration

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The company is applying for more licenses to expand its operations in Scotland and in northern England.