The global oil market has been desperately looking for good news after Russia was not willing to agree with Saudi Arabia to a deeper cut at the OPEC+ meeting on Match 6 in response to the COVID-19 pandemic.Since that event,Brent prices have fallen by 32% and WTI by 38%,with both benchmarks having declined by around 66% over 1Q.It appears that US President Donald Trump believed the time was right to intervene in the Russian-Saudi price war,and the rest of the world may be ready to follow suit.On March 30,Trump had a phone conversation with Russian President Vladimir Putin to discuss actions related to battling the virus outbreak and support the global oil market.After the call,the Kremlin published a message about the conversation stating the US initiated the call,and that the two leaders plan to continue consultations on the oil market through their energy departments.
展开▼
