Saudi Arabia and Russia signal readiness to cooperate on oil

After the deal collapsed, Russia and Saudi Arabia both said they were ready to raise production but Russian Energy Minister Alexander Novak told Reuters on Thursday it had no plans to crank up its crude output.

U.S. President Donald Trump said on Wednesday he had talked with Saudi and Russian leaders and believed the two countries would make a deal to end their price war within a few days, lowering output and bringing prices back up.Stabilising the oil market through output cuts is likely to be tough in the current environment because oil demand has fallen by almost a third, or at least 20 million barrels per day, meaning significant reductions would be required.

“Saudi Arabia has always welcomed and supported cooperation among oil producers in their efforts to stabilize the oil market during the current crisis, based on the principles of fairness and equity,” the Gulf source told Reuters. The flood of Saudi oil comes amid an unprecedented fall in demand as billions of people stop using cars and taking flights because they are under lockdowns to prevent coronavirus from spreading.

We all know that this is just one in many steps..

I’m more interested in how to profit from it...

The world gets soporific due to six days lockdown it needs resources to to earn bucks for the livelihood but is forgetting those who are dying of starvation........................

The Cartels!.

A fabricated crisis. How convenient.

Trump is the mediator. The irony is that the US is trying to raise the price of oil. As the world turns.

The Saudi crown prince has nothing to do with wang huning, a senior Chinese official. The trump gang is playing with Numbers. The Saudi crown prince should continue to retaliate against the russians by fighting an oil war for only a year.

Why do you cooperate? I would like Saudi Arabia and Russia to have an oil war for at least one year.

ah... great, the cartel expands. How about we do mORE to eliminate competition.

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