Saudi Arabia, Russia, U.S. welcome outcome of OPEC+ meeting - SPA

[The SC]

April 12, 2020

CAIRO, April 12 (Reuters) - Saudi Arabia’s king Salman, Russia’s president Vladimir Putin and his U.S. counterpart Donald Trump welcomed the outcome of OPEC+ meeting during a joint phone call, Saudi state news agency SPA said on late Sunday.

The three leaders expressed their comfort with the results of the efforts exerted to stabilize global oil markets, stressing the need for oil producing countries to continue to fulfill their responsibilities to stabilize oil markets and support the global economy, SPA added.

In a separate phone call between Trump and Saudi crown prince Mohammed bin Salman, they both welcomed the outcome of meeting to cut oil output amid the consequences of the coronavirus outbreak and in line with the aspirations of the markets, in a way that enhances the growth of the global economy.

Earlier on Sunday, OPEC and allies led by Russia agreed to cut oil output by a record amount - representing around 10% of global supply - to support oil prices amid the coronavirus pandemic.



https://www.reuters.com/article/sau...ome-outcome-of-opec-meeting-spa-idUSL5N2C00QJ

 

[The SC]

Global pact forged to drastically cut oil production to contain price crash

OPEC and other producers agreed to cut 9.7 million barrels a day

OPEC and non-OPEC members have agreed on a historic deal to cut production by nearly 10 million barrels per day. (Ramzi Boudina/Reuters)

...


https://www.cbc.ca/news/canada/calgary/opec-deal-1.5530381

 

[BHarwana]

https://twitter.com/x/status/1249410872889544705

 

[khansaheeb]

Oh dear , enjoyed the low gas prices for a while seems like going to be paying higher amounts again.

 

[Thamizh Puli]

hopefully everyone stocked up!

 

[HAIDER]

When Trump speaks, everyone listen.

 

[The SC]

When Trump speaks, everyone listen.

Or is it when it comes to Oil..it is Saudi Arabia who speaks and everyone listens!?
Russia refused the request by KSA to reduce its output by 250 000 bl..now they agreed on 2.5 million bl reduction..
The US shale Oil companies are in a very bad position as well as most of the world's Oil industry..due first of all to the Corona virus and second to the Saudi policy to increase its production almost 2 folds..Now the world has listened and complied to the Saudi demands..add to it Trumps weight on the international Arena and you got a deal..

 

[ArabianEmpires&Caliphates]

Or is it when it comes to Oil..it is Saudi Arabia who speaks and everyone listens!?
Russia refused the request by KSA to reduce its output by 250 000 bl..now they agreed on 2.5 million bl reduction..
The US shale Oil companies are in a very bad position as well as most of the world's Oil industry..due first of all to the Corona virus and second to the Saudi policy to increase its production almost 2 folds..Now the world has listened and complied to the Saudi demands..add to it Trumps weight on the international Arena and you got a deal..

Exactly.

Moreover KSA achieved its intended goal. A larger market share and a decrease in global oil production. In other words the Russian gamble failed spectacularly. In the meantime the US shale industry is bleeding.

However obviously the US, being the foremost economic, military and political power in the world, will use its influence and pressure/influence events.

Neither the US nor KSA (and allies) can afford to be at odds. This is simply the ground reality.

In any case given the global coronavirus crisis (economic in particular) it will be the priority of every country, in particular the G20 states (top 20 leading economies in the world), which KSA is a part of - we will host the G20 summit this year, to join hands to stimulate the global economy rather than doing the opposite.

 

[Trango Towers]

I see our arab friends see this as a dramatic arab victory.
Can you guys not see that the manipulation and control of prices is against free trade? If your company did that in conjunction with others in the market place you would be arrested for fraud.
2ndly saudi were warned if they dont come to the table there would be consequences.

But let's celebrate a victory. Party time