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U.S. Officials Promised Saudis It Wouldn’t Let Oil Market Collapse

From oilprice.com

U.S. officials told Saudi Arabia prior to the OPEC+ meeting that it would help stave off a collapse in the oil market by buying oil at $75 per barrel to replenish the nation’s Strategic Petroleum Reserves, Wall Street Journal sources said on Tuesday. In the runup to last week’s OPEC+ meeting, Wall Street Journal’s sources suggest that the rift between Saudi Arabia and the United States grew wider over oil markets. The Wall Street Journal sources—who remain anonymous but are cited as OPEC+ delegates—paint an ugly picture of the state of relations between the two. A state of relations that might be so damaged as to be ... (full story)

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  • Category: Fundamental Analysis