Saudi Arabia calls for emergency oil meeting, sending weak crude prices higher

Saudi Arabia called on Thursday for an emergency meeting of OPEC, Russia and other oil producers to stabilise the oil market, which has been in turmoil since a deal on supply curbs collapsed and Riyadh began pumping extra crude into an oversupplied market.

The announcement made by Saudi Arabia on Thursday, which drove oil prices as much as 25 per cent higher on the day, adds to growing signs that Riyadh and Moscow may be ready to end their battle for market share and cooperate again.

U.S. President Donald Trump said on Wednesday he had spoken with Saudi and Russian leaders and believed the two countries would make a deal to support prices, which even after Thursday’s spike are less than half their level at the start of 2020 before the coronavirus crisis took its toll

Saudi Arabia called for the emergency meeting of the Organization of the Petroleum Exporting Countries and other producers, a grouping known as OPEC+, saying Riyadh wanted a fair oil agreement to stabilise the market, state news agency SPA reported.

Earlier on Thursday, Russian Energy Minister Alexander Novak told Reuters it had no plans to crank up its crude output.

A senior Gulf source familiar with Saudi thinking had also earlier told Reuters that Saudi Arabia supported cooperation between oil producers to stabilise the market.

ET Energy world
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