The Trump administration may be exploring options to convince Saudi Arabia to quit oil war with Russia
American miners suffer from the disputes the most.
Oil alliance between the U.S. and Saudi Arabia, the largest miner in OPEC organization, is one of many possibilities to consider, according to the US Energy Secretary Dan Brouillette. “I am not sure whether it will be presented in a formal way as a part OF any policies,” Brouillette said, as there has been nothing officially decided yet.
According to US media, Brouillette tried to convince Donald Trump to suggest joint oil alliance to Saudi Arabia. Moreover, Brouillette had suggested that Saudi Arabia left OPEC. According to him, cooperation with the US could lead to stabilization of the black gold prices on global markets.
Only in two weeks, oil prices dropped in half after the Saudi-Russian oil price war had started. Moreover, the situation worsened due to coronavirus pandemic. American oil has been traded around $22 recently, which represents 30% one-day drop – the largest American oil price drop since 1991 Persian Gulf War. Trump already said he would intervene in the Saudi-Russian disputes in a right time. Maybe the time is now.