US Senators will discuss the stabilization of the global oil market with representatives of the Saudi authorities on Saturday, Reuters reported referring to a source.
According to the source, "Senators Kevin Cramer and Dan Sullivan will hold a call with the officials two days after a scheduled OPEC+ meeting in which Saudi Arabia and Russia are expected to agree an output cut. The two countries have been pumping oil flat out beginning last month in a race for market share."
Talks will reportedly be held remotely, the source noted without revealing the issues that will be discussed.
The OPEC + agreement to reduce oil production ended at the end of March. Russia and Saudi Arabia could not agree on the terms of the deal. OPEC countries have begun to increase oil production since that. Meanwhile, global oil demand fell sharply due to the coronavirus epidemic - oil fell to $ 22 per barrel for the first time in 20 years.
Thus, the OPEC + countries decided to hold an extraordinary meeting to discuss a reduction in oil production.