Here is our key take away form Russian Oil Update
1 Russia–Saudi Arabia oil price war of 2020
The Russia–Saudi Arabia oil price war of 2020 (RUSSIAN OIL NEWS ) is an economic war triggered in March 2020 by Saudi Arabia and Russia in response to Russia‘s refusal to reduce oil production . This economic conflict resulted in a sheer drop of oil price in the spring of 2020.
2 OPEC and Russia Agree to Extend Oil Production Cuts
Above all Many of the world’s major oil producers agreed on Saturday to extend the record oil production cuts that have helped bolster oil prices since their collapse in April in the depths of the coronavirus pandemic. It is one of the major update from RUSSIAN OIL NEWS
Crude oil prices to remain choppy in the near term. The shocking price falls coupled with pressure from President Trump who worried about job losses in the oil industry. Furthermore he led Riyadh and Moscow to change their approach and resume their cooperation.