OPEC Nations Howl for Mercy as Saudi-Russia Oil War Deepens - Bloomberg:
With no end in sight to the oil-price war between Saudi Arabia and Russia, their former OPEC+ partners are pleading for mercy as the economic damage worsens.
Algeria and Iraq have urged the Organization of Petroleum Exporting Countries to hold emergency consultations as the market buckles under a flood of crude. Nigeria is openly wondering how much of the brutal worldwide contest for market share it can stand.
There’s little sign that their howls will be heeded in Moscow and Riyadh, where political leaders are digging in for a long conflict. It’s also questionable whether the cartel -- even if its two leaders managed to resolve their differences -- could staunch oil’s losses as demand goes into free fall.
“It’s in our interests, collective interests, to ensure that we are able to stabilize the market,” Nigeria’s Oil Minister Timipre Sylva said in an interview. “I cannot say for now if there’s any truce in sight.”
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