Saudi Arabia and Russia seek global deal to stabilize market

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MOSCOW (AP) - Oil-producing countries including those of the OPEC cartel and Russia are trying to strike a global deal to pump less crude.

They are trying to limit a crash in prices that, while welcoming for consumers, has been straining government budgets and pushed energy companies toward bankruptcy.

Thursday’s videoconference is part of a series of talks to boost energy prices, which have more than halved since the start of the year amid a pricing war between Saudi Arabia and Russia.

The drop was intensified when the coronavirus pandemic caused a further plunge in the demand.

The Russian government says it expects the United States to also cut production.

(Copyright 2020 The Associated Press. All rights reserved.)

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