Oil-producing nations agreed Sunday to historic production cuts
to help address a record glut in oil markets. The accord resolves a costly battle between Saudi Arabia and Russia that sank oil prices and pushed dozens of U.S. oil companies toward bankruptcy.
The Saudis and Russians both made key concessions, analysts say, while the Trump administration gave up little—successfully arguing that U.S. energy producers are ramping down on their own.
“We gave up zip, as far as I can tell, and got a historically large cut,” said Bob McNally, who served as an energy adviser to President George W. Bush and is now an analyst at Rapidan Energy Group. “President Trump proved to be master of the deal.”
https://www.wsj.com/articles/trump-says-opec-is-looking-to-cut-oil-production-by-20-million-barrels-a-day-11586787950