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


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(Worthy News) – 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.[ Source: Washington Examiner (Read More…) ]

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