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The 13 members of OPEC control 42% of the world's oil supply. Russia is not a member of OPEC but is the second largest producer
The 13 members of OPEC control 42% of the world's oil supply. Russia is not a member of OPEC but is the second largest producer of oil in the world. In order to raise prices, OPEC wanted to cut production but needed Russia's cooperation. Instead of reducing production, Russia increased production. Saudi Arabia also increased production to put pressure on Russia. These actions affected Alberta oil prices (Western Canada Select). Explain.
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