President Donald Trump said the U.S. would meet with Saudi Arabia and Russia with the goal of staunching an historic plunge in oil prices.
Read More »Oil Jumps as Trump Talks up Truce Hopes for Saudi-Russia Price War
Crude oil futures jumped 10% on Thursday after U.S. President Donald Trump said he expected Saudi Arabia and Russia to reach a deal soon to end their oil price war. Brent crude futures rose more than 11% in early trade. By 0958, Brent was up 8.97%, or $2.22, to $26.96, …
Read More »US Ready to Help End Oil-Price War
US President Donald Trump said he was ready to help resolve an escalating oil price war between Russia and Saudi Arabia that has helped push crude benchmarks to 17-year lows. The threat of a global recession triggered by the coronavirus pandemic had already hammered prices when Riyadh said last month …
Read More »Aramco Expected to Price Oil at Deepest Discount in Decades
Traders and refiners expect Saudi Aramco to cut pricing for its flagship crude to the lowest in at least two decades, escalating a price war with rival suppliers even as the coronavirus throttles global demand. The world’s biggest oil exporter is expected to slash its official pricing for May sales …
Read More »Saudi Oil Industry Face Huge Risks as American, European Refiners Refusing Riyadh’s Crude
Oil prices collapsed to their lowest levels in decades in March amid coronavirus concerns and OPEC+’s failure to reach a deal on production cuts, which prompted Riyadh and its allies to open the taps. Refineries in the United States and Europe are rejecting to accept any more Saudi Oil, even …
Read More »Saudis Dispel Rumors, Saying No Talks with Moscow on Oil Output
Saudi Arabia held firm on its position in the price war with Russia, saying on Friday that the kingdom hasn’t had any contacts with Moscow about oil production cuts or about enlarging the OPEC+ alliance.
Read More »Saudi Arabia Denies Contact with Russia over OPEC+ Deal
Saudi Arabia has denied it has had any contact with Russia’s Energy Ministry over the possibility of a new OPEC+ deal to rebalance global oil markets. A statement from the Saudi Energy Ministry dismissed reports from Moscow that there had been discussions between Russia and the Kingdom aimed at resurrecting …
Read More »Saudi Arabia should Call a Truce in Oil Price War
Saudi Arabia’s carefully nurtured reputation for being a reliable oil producer and its aspiration to be seen as a responsible global leader will be in jeopardy if the kingdom continues to pursue its volume war. Pressing on with such a tactic in the midst of the worst global health emergency …
Read More »Russia-Saudi Oil Price War: The Worst may Be yet to Come
Saudi Arabia is pricing the crisis, but going back to the negotiations table may be difficult. The global crude supplies are entering the market at a time when global demand for crude has contracted for the first time in 10 years. By entering into a fierce oil war, Saudi Arabia …
Read More »Oil Demand Expected to Take a Major Hit in the Coronavirus Pandemic
Right after Saudi Arabia-led OPEC and Russia broke up their pact to keep oil supply and prices in check, some in the U.S. oil industry were optimistic that oil prices would go back up to $65 by the end of the year regardless of the end of the production restrictions. …
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