“Russian energy minister Alexander Novak said Moscow was ready to discuss new measures with OPEC, effectively offering an olive branch to Riyadh.”
In other words, Russia blinked first in its brief price war with the Saudis. It costs Russia about twice as much as it does Saudi Arabia to produce a barrel of oil. Waging a price war with the low-cost producer is a fool’s game.
“Russia blinked first in its brief price war with the Saudis”
Hopefully, this gets resolved before it gets worse.
North Dakota is basically being held hostage by Putin.
The Saudis need the higher oil price ..to maintain the welfare state