Saudis, Russians Prep Trump-Taming Oil Truce

MENAFN

09 April 2020

Saudi Arabia and Russia are expected to come up with an impressive, but inconsequential oil production cut proposal at an OPEC+ video conference on Thursday. The actual cuts are likely to be superficial, climbing down from the current hyper-production levels and in response to a global plummeting of demand amid the Covid-19 pandemic. “There will be an effort to achieve a face-saving agreement on production cuts. In effect, a temporary halt to a market share war that will erupt again once the coronavirus has been brought under control and there is a degree of economic recovery,” said James H Dorsey, senior fellow at Singapore’s RSIS and Middle East Center.

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Last updated on 13/04/2020