US, WASHINGTON (ORDO NEWS) — Saudi Arabia and Russia were able to stop the fierce oil war, which brought down fuel prices. But perhaps a reduction in production will not allow prices to return to a range that is economically acceptable for manufacturers. This is written by American political scientist Ariel Cohen in the journal Forbes.
Meanwhile, 13 US senators from the oil states held a lengthy conversation with the Saudi ambassador to Washington, CNN reports. They expressed their bewilderment at the oil price war, which damages US producers and harms relations between Washington and Riyadh.
The German business daily Handelsblatt notes that it remains unclear whether the market will be able to stabilize amid the global crisis and a sharp decline in oil demand. All over the world, due to the fight against coronavirus, billions of people are quarantined and air traffic has practically stopped.
Negotiations to reduce oil production lasted two days in a videoconference mode. First, within OPEC +, then with the involvement of the G20 countries. As a result, 23 states are participating in the stabilization of the energy market.
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