Saudi may have won an oil truce – but a greater conflict now looms
For the first time in months, the coronavirus panic was briefly demoted as the main news story on Sunday when OPEC and oil-producing non-OPEC nations agreed a deal to cut oil production by 9.7 million barrels a day – initially to stabilise and then hopefully increase prices. It is the most dramatic production cut in history and of course not unrelated to the pandemic itself. Last month, demand collapsed as the global economy began to shut down but Russia shot down a Saudi opening proposal fearing it would give a boost to the American fracking industry. The kingdom’s de facto leader Crown Prince Mohammed bin Salman threw a characteristic hissy fit