U.S. Urges Saudis to ‘Rise to the Occasion’ in Oil Price War

U.S. Urges Saudis to ‘Rise to the Occasion’ in Oil Price War

Secretary of State urges kingdom to reassure markets. API Opposes U.S., Saudi Arabia Forming New Oil Cartel, CEO Sommers Says. The U.S. made its most direct intervention in the oil price war between Saudi Arabia and Russia, urging Riyadh to "rise to the occasion and reassure" energy markets at a time of economic uncertainty.. The U.S. view is that the oil glut aggravates an already difficult economic outlook, and it wants all nations to work together to reassure energy markets, according to an official who asked not to be named.. The price war was unleashed after Saudi Arabia failed to convince Russia to agree on deeper production cuts for the OPEC+ alliance.. The U.S. also tried in 1986 to convince Saudi Arabia to abandon a price war..