JRL NEWSWATCH: “Trump, Putin, Saudi Crown Prince Scramble to Fix Oil Markets” – Wall Street Journal/ Georgi Kantchev, Summer Said, Andrew Restuccia, Justin Scheck

Offshore Oil Rig file photo

All three leaders face economic threat from low prices. Moscow and Riyadh bury the hatchet.

“… On Thursday, Saudi Arabia and Russia ended their stalemate and convinced a handful of other major oil producers to join them in the biggest monthly oil-production cut ever. … Mexico … [also] said it would reduce … production by 100,000 barrels a day …. Questions over the details of the deal left investors skeptical the cutbacks would be enough. … Trump spoke by phone … with … Putin and King Salman …. The Saudi-Russia pact, if it holds, is a victory for … Trump, who came away without agreeing to call on U.S. companies to make cuts. Russia agreed to cut production by two million barrels of oil a day and Saudi Arabia by 3.3 million barrels. The Organization of the Petroleum Exporting Countries warned oil prices could fall to single digits without big declines in production. …”

Click here for: “Trump, Putin, Saudi Crown Prince Scramble to Fix Oil Markets; All three leaders face economic threat from low prices; Moscow and Riyadh bury the hatchet” – Wall Street Journal/ Georgi Kantchev, Summer Said, Andrew Restuccia, Justin Scheck

[featured image is file photo]