Saudi Arabia, Russia hint at further action to stem oil’s plunge
Saudi Arabia and Russia signaled they may be open to further output cuts after the latest OPEC+ deal to curb global oil supplies failed to stem the crude’s downward spiral.
The two nations said they will “continue to closely monitor the oil market and are prepared to take further measures jointly with OPEC+ and other producers if these are deemed necessary,” Russian Energy Minister Alexander Novak and his Saudi counterpart Prince Abdulaziz bin Salman said in a joint statement published after a phone call.
Oil has plunged more than 10% since the group on Sunday agreed to trim worldwide production by an unprecedented 9.7 million barrels a day. Yet even the historic cuts won’t be able to offset the demand loss expected from the coronavirus pandemic. OPEC on Thursday said it projects that demand for the cartel’s crude will fall to the lowest in three decades.
