Saudi-Russian Alliance, Oil Demand… NYTimes

February 8, 2020 by Jim Colburn Leave a Comment

Stanley Reed, NY Times, has a nice piece on the Saudi-Russian alliance and the coronavirus, here…

On getting to an agreement to cut: “Saudi Arabia’s oil minister, Abdulaziz bin Salman, wanted to move ahead quickly with a meeting to consider new production cuts, but he has struggled to persuade Moscow, even after his father, King Salman, made a call to President Vladimir V. Putin of Russia on Monday.”

On the virus: “The curtailment of economic activity will result in a major reduction of energy consumption — a huge concern for OPEC because China is the world’s largest energy importer and a key customer. Wood Mackenzie, a market research firm, figures that oil demand for the first three months of this year will be slashed by about 900,000 barrels a day, or nearly 1 percent of global consumption.”

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