Saudi Arabia and Russia reach deal to end oil price war after pressure from Trump

[Right_in_Virginia]

Saudi Arabia and Russia reach deal to end oil price war after pressure from Trump
Washington Examiner, Apr 9, 2020

Saudi Arabia and Russia ended their price war and are poised to deliver the oil production cut President Trump has been demanding in order to raise historically low prices that have damaged the U.S. shale industry.

Saudi-led OPEC and its allies agreed in principle to a deal during an unprecedented emergency remote video meeting Thursday to cut production by 10 million barrels per day, according to reports.

The agreement for that level of cuts would last for two months, with reductions subsequently leveling off depending on progress in containing the coronavirus outbreak. Trump spoke Thursday night with Russian President Vladimir Putin and King Salman of Saudi Arabia to discuss finalizing the oil production cut deal.

After the call, Trump said at his daily press conference that "they are getting close to a deal."

"We will soon find out," Trump said.

Trump has been pushing Saudi Arabia and Russia to cut output in the hopes that less crude on the market will raise oil prices, which have fallen by two-thirds since the start of the year and reached a 18-year low last month.


More:  https://www.washingtonexaminer.com/policy/energy/saudi-arabia-and-russia-reach-deal-to-end-oil-price-war-after-pressure-from-trump

[Right_in_Virginia]

The briefing was delayed because POTUS was on a conference call with Russia and SA.

The President left the briefing after about 25 minutes .... to continue the negotiations.  Trump did not give any details of the discussion.

POTUS is also in the middle of negotiations with the airlines.

[truth_seeker]

I'll save the TDS trolls and disruptors some effort.

"See, we told you all along Trump  was in cahoots with Putin..  Russia,Russia,Russia,Russia, "

[Absalom]

Trump achieved squat as the deal collapsed when Mexico walked out.
Nymex then tumbled below $22/bbl. for May.