Saudi energy think tank urges global cooperation – Arab News

Saudi energy think tank urges global cooperation – Arab News

Saudi energy think tank urges global cooperation /node/1650856/business-economy. New study argues that global teamwork is the only resolution to the current oil market crisis. In a paper entitled "The world needs OPEC, but OPEC can't go it alone," the center argued that such co-operation was "the only short-term resolution to the current oil market crisis.. The study comes amid moves in the international energy community for some form of combined approach by the three big producers - Saudi Arabia, the US and Russia - to stabilize markets.. Energy experts have estimated that global demand for oil has fallen by at least 20 percent in the past month, and that storage facilities around the world are rapidly filling with crude.. Some big producers in the US are believed to be considering shutting oil facilities as prices in local markets reach "negative" levels, meaning that the oil companies pay customers to take crude away.. Dollar's surge raises fears of global 'liquidity shock' /node/1650846/business-economy. Since March 23, the surge has faded, as the US Federal Reserve cut interest rates again, injected trillions of dollars into the financial system and opened swap lines with other central banks to ease dollar strains overseas..