Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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JAdam
Putin does not do favours.
If Russia agree to join in cutting production it will only be for their own fiscal reasons.
And they will cheat.
The Kingdom of Saudi Arabia would like to indicate its efforts during the past period to reach an agreement in the (OPEC +) group to restore balance in the oil market, as it drew support for that from 22 countries (OPEC +), but it was not possible to reach an agreement to not Get consensus.
The Kingdom calls for an urgent meeting of OPEC + and a group of other countries, with the aim of seeking a fair agreement that will restore the desired balance to the oil markets.
This call comes in the framework of the Kingdom's constant efforts to support the global economy in this exceptional circumstance, and in appreciation of the request of His Excellency the President of the United States of America Donald Trump and the request of friends in the United States.
https://www.spa.gov.sa/2054216
I did predict that the G20 conference on supporting the global economy would be a prelude to SA's climbing down, but presenting the climb down as a gesture to help humanity.
I refer you, Genghis, to my posts of 00:19 and 15:30 today, which anticipated what has just happened.
In short, MBS must have had his arm twisted by Trump.
I imagine he explained to him that he personally had no wish to take any action, but that powerful senators were going to, so the best thing would be to make things up with nice Vladimir.
MBS is probably feeling relieved as he would have had difficulty finding buyers.
Then again, he may have bluffing all along.
P.S. Brent is now back below $28, so the fun isn't over yet.
Trump’s comments came after he spoke with Sen. Kevin Cramer, a Republican senator from North Dakota — one of the hardest hit states — on Monday.
“We cannot tolerate having 2,500 troops and missile defense batteries protecting Saudi Arabia’s oil assets while they declare war on our oil assets in North Dakota and across the United States,” said Cramer.
To press his case, Cramer has assembled a group of 10 Republican senators from oil-rich states — all of whom are Iran hawks and have voted on multiple occasions to continue US support and arms sales for the Saudi-led coalition in Yemen. Cramer has called for withdrawing US military equipment and personnel from the kingdom and ending crude oil imports from Iran and Russia. He has also pressed the issue in a letter to Prince Mohammed. Secretary of State Mike Pompeo raised the issue separately with the crown prince earlier this month.
https://www.al-monitor.com/pulse/originals/2020/04/intel-trump-bemoan-oil-price-war-saudi-congress.html
WASHINGTON, April 1 (Reuters) - U.S. President Donald Trump plans to meet with oil executives on Friday to discuss potential aid to the industry, including possible tariffs on oil imports from Saudi Arabia, the Wall Street Journal reported, citing unidentified sources.
The meeting is to take place at the White House and will include Exxon Mobil Corp, Chevron Corp and Occidental Petroleum Corp, the newspaper said in a report on Wednesday. (Reporting by Doina Chiacu;)
https://www.reuters.com/article/global-oil-usa/trump-oil-ceos-to-discuss-aid-possible-tariffs-on-saudi-oil-wsj-idUSFWN2BP0ZF