Oil rose towards $34 a barrel on Thursday, bouncing well off a 12-year low set this month, as Russia said that it might cooperate with other major producers to cut production and shore up prices.


An oil price of about $70 a barrel may be needed to stop the economic and political collapse of countries dependent on oil revenue.

Davos executive chairman Klaus Schwab predicted that the collapse in oil prices could destabilize African and Middle East countries and trigger the move of as many as one billion migrants north.


The oil price collapse has been engineered by central banks by the US Treasury and ESF turning off liquidity to stock markets and by speculators like George Soros, who is betting against oil producing countries.

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