The US plans to send a special envoy to Saudi Arabia for stability in global oil markets. The US took the decision for the first time nearly 50 years after regulators in its largest oil producing province, Texas, decided to curb production. This is so that prices can be controlled.
In the last two weeks, oil prices have fallen by more than half due to the closure of the price war between Saudi Arabia and Russia and the end of demand from the coronavirus epidemic. US oil is now forced to trade at less than $ 23 a barrel. In these circumstances, the oil industry is being treated as a setback between OPEC and non-OPEC producers as production has stalled everywhere.
Now the US is sending a special representative for talks with Saudi Arabia to resume production for stability in the markets. Explain that Saudi Arabia and Russia are holding production under a deal due to increasing share in the global oil market. Now the imperial regime is committed to increase the production of 13.2 million barrels of oil per day.
Review of current conditions on oil is necessary
Trump administration officials said that Saudi Arabia has been leading the global oil market for decades. In such a situation, the energy representatives of the two countries will help in returning to the path of stability in oil production and prices. Since the fall in oil prices is very dangerous for oil producers, a serious review of the situation is necessary.
Possibility of meddling in price war
Oil prices rose by more than two decimal points on Friday since indicated by US President Donald Trump. There is also a possibility of meddling in the price war between Saudi Arabia and Russia in the last session. The prices have also been supported by US plans to buy 30 million barrels of crude oil for its emergency reserves by the end of June.
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