Saudis flood crude markets, defying Trump's plea to end price war

Saudi Arabia Resists Trump’s Attempt to Broker Oil War TruceMore

Speaking at a government meeting on Wednesday, Putin said that both oil producers and consumers should find a solution that would improve the "challenging" situation of global oil markets.

"At the current price, many USA oil exploring energy companies won't be able to make a profit and drilling activities might fall in North America", Yang said.

That social media post, boasting how the kingdom will "rise to supply energy", appeared to be a riposte to U.S. Secretary State Michael Pompeo, who last week urged the Saudis to "rise to the occasion" by dialing back their plan to flood the market.

"Worldwide, the oil industry has been ravaged", he said.

The American Petroleum Institute, which represents the USA oil and gas industry, said its president Mike Sommers would attend the initial meeting, but added: "We are not seeking any government subsidies or industry-specific intervention to address the recent market downturn at this time".

The Organization of Petroleum Exporting Countries (OPEC) and allies including Russian Federation had cut production for more than three years to bolster prices.

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In Asian trade Brent crude oil was up by more than 5% to over $26 a barrel, while United States oil was some 4% higher. Low oil prices are threatening to put US shale oil producers out of business as they can not compete with cheaper Saudi and Russian oil.

"The Russian side traditionally welcomes mutual dialog and cooperation in order to stabilize energy markets", Kremlin spokesman Dmitry Peskov told reporters on conference call on Tuesday.

Trump tweeted on Thursday that he had spoken to Saudi crown prince Mohammed bin Salman and expected Riyadh and Moscow to cut output by as much as 15m barrels a day.

The economic slowdown across major global economies now in lockdown to prevent the spread of the virus could wipe 20m barrels a day from the world's demand for oil, according to analysts at Redburn Energy.

Trump did not specify barrels per day (bpd), but the market expresses demand and supply in those terms. The official said the details were still unclear but a big cut was expected. The Wall Street Journal reported that the kingdom would consider dropping output to roughly 9 million bpd, or about 3 million bpd less than what it planned on pumping in April.

"Oil prices are higher on news that President (Donald) Trump will hold a round table discussion with the country's top oil executives", said AxiCorp global market strategist Stephen Innes. "The two countries are discussing it".

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