Will the Saudi-Russian oil alliance hold as production cuts are mulled?
Will the Saudi-Russian oil alliance hold as production cuts are mulled?
The price of oil is at its lowest in almost a year. Now officials from Saudi Arabia are suggesting they might cut supply to arrest the falling price. President Donald Trump on Monday said he hopes Saudi Arabia and OPEC don’t do that. It’s all a bit of a test for Saudi Arabia and its new oil partner, Russia. The two petrostates have been cooperating this year to pump more oil. Whether they’ll agree to cut production now and give up revenue is another question.
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