JRL NEWSWATCH: “Putin Makes Painful Climbdown as He Sues for Peace in Oil War” – Bloomberg/ Evgenia Pismennaya, Ilya Arkhipov, Henry Meyer

Oil Wells File Photo

“… Putin’s deal with OPEC … three years ago was a triumph … bolstering his clout on the global stage. But now he’s had to to make stinging concessions after … Trump stepped in to end a price war. Amid relief in Moscow at the unprecedented deal with Saudi Arabia and other major producers to slash oil output, the accord marks a painful setback for Russia …. Putin had catapulted Russia into a dominant role in global energy politics and drove a wedge between the U.S. and its Saudi ally …. But it’s now clear he overplayed his hand when he refused to meet Saudi demands to double output cuts just five weeks ago. OPEC’s biggest producer cranked up output in a price war that crashed the market just as the spread of coronavirus demolished demand. …”

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