OPEC+ is working on a deal to cut the production of oil equivalent by about 10 per cent of world supply, or 10 million barrels per day, in what member states expect to be an unprecedented global effort including the United States. The United States and the United Kingdom also recently ended clandestine programs that had provided aid to the rebels. OPEC+ Meeting Delayed on New Saudi, Russia Rift By . The Trump administration has shown no desire to mandate cuts in domestic supply, saying the country's output has already dropped without government action. "If I have to do tariffs on oil coming from outside or if I have to do something to protect our ... tens of thousands of energy workers and our great companies that produce all these jobs, I'll do whatever I have to do," Trump told reporters in a briefing about the coronavirus outbreak. Representatives of the Organization of the Petroleum Exporting Countries (OPEC), Russia, and other oil-producing countries are set to meet to try to agree to cut output to stabilize the global oil market. Saudi Arabia and other Gulf states sided with the opposition, and those governments are now grappling with the reality that Assad will not be ousted. “They want to make sure that they’ve got a number of different addresses that they can visit to pursue their own interests,” he said. Saudi Aramco, the giant state oil company, is expected to sign a series of agreements with Russian companies on energy initiatives. On the eve of the meeting, nearly 50 Republican members of the U.S. Congress told Saudi Crown Prince Muhammad bin Salman in a letter that economic and military cooperation between Washington and Riyadh is at risk unless the kingdom helps to stabilize oil prices by cutting output. Putin has shown a striking ability to transcend traditional dividing lines in the region, also cultivating ties with Israel, Palestinian factions, and Egypt. Iran also sent its forces to aid the Assad regime in Syria. Use of this site constitutes acceptance of our, Putin Welcomes Saudi Arabia Into His Middle East Sphere of Influence. Oil prices before the pandemic were already weak, owing in part to a dispute between Saudi Arabia and Russia, two of the world's largest oil producers, over a previous pact on curbing supplies. The message is the latest U.S. move to pressure Saudi Arabia to cut production. The final shape and scale of any investment has yet to be announced, and past Saudi-Russian economic cooperation has failed to materialize. The armed rebellion against Assad is now confined to isolated enclaves in Syria’s northwest, southwest, and the outskirts of Damascus. A bulletin on Saudi Arabia’s official news agency gave no explanation why the crown prince did not travel with the king, saying only that he had tasked Mohammed Bin Salman with managing the state’s affairs in his absence. Recent efforts to address the glut and decline in prices have been complicated by the reluctance of the United States to agree to participate in a cut over fears that it would violate U.S. antitrust laws. Saudi Arabia's Minister of Energy Prince Abdulaziz bin Salman Al-Saud and Russia's Energy Minister Alexander Novak are seen at the beginning of an OPEC and NON-OPEC meeting … The shifting Saudi Arabia-Russia relationship is also a stark illustration of how regional powers are dealing with a new phase of the conflict in Syria. Along with other Gulf states, the Saudis embraced the election of President Donald Trump, who they hoped would end years of friction with President Barack Obama, whose initial embrace of the Arab Spring uprisings, mild prodding on human rights, and nuclear diplomacy with Iran alienated the autocratic regimes along the Persian Gulf. We provide what many people cannot get locally: uncensored news, responsible discussion, and open debate. “Arab states are now faced with the challenge of maintaining their relevance in the face of this change, and this means needing to keep lines of communication with Russia open.”. Oil prices hit an 18-year low on March 30 due to a slump in demand caused by lockdowns to contain the coronavirus outbreak and the failure of OPEC and other producers led by Russia to extend a deal on output curbs that expired on March 31. Sacha Baron Cohen: We Must Save Democracy From Conspiracies, A New Study Confirms Remdesivir's Effectiveness as a Coronavirus Treatment, Here Are the Favorites to Win the 2020 Nobel Peace Prize, You can unsubscribe at any time. Saudi Arabia and Russia, both major oil producing countries, were scheduled to meet on Monday, but the meeting has now been pushed back to Thursday. Saudi Arabia is one of the United States’ closest allies in the Arab world, and it has traditionally been aligned against Russia, dating back to Saudi Arabia’s support for anti-Soviet mujahideen in Afghanistan in the 1980s.

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