How oil pulled back from coronavirus chaos

How oil pulled back from coronavirus chaos

Saudi-Russia agreements have set the seal on the oil equation's supply side for the rest of 2020. DUBAI: The oil industry has just enjoyed the best six-week period in its history, with global crude prices doubling and unprecedented unity among the big powers of the energy world: Saudi Arabia, Russia and the US.. The Saudi-Russia agreements, backed by enforced production cuts from the American shale industry that cannot operate below $30 per barrel, effectively set the seal on the supply side of the oil equation for the rest of 2020.. But the experts are divided on how quickly the global economy, which drives energy demand, can recover from the savage drops in economic activity that took place in the second quarter.. After the energy anarchy subsidies in early May, American oil scholar Jason Bordoff controversially wrote that Saudi Arabia has emerged as the "surprise victor" from the carnage.. Energy officials in the Kingdom took the praise gratefully, but remained fully aware that there was a long way to go. ". Worst may be over for big three Arab economies /node/1684271/business-economy. LONDON: The worst may be over for the three biggest economies in the Arab world according to new purchasing