U.S. Putting Pressure on Saudis to Hold Off on Output Surge - Bloomberg

U.S. Putting Pressure on Saudis to Hold Off on Output Surge - Bloomberg:

The Trump administration is leaning on Saudi Arabia to dial back its plan to flood the oil market after a price war with Russia helped send prices tumbling to their lowest level in almost two decades.

While its status as the world’s biggest producer means the U.S. is sheltered in part from the collapse, it’s still calling on the Saudis to exercise restraint, according to a person familiar with the situation who spoke on condition of anonymity.

Earlier, the U.S. made its most direct intervention yet, urging Riyadh to “rise to the occasion and reassure” energy markets at a time of economic uncertainty.

Secretary of State Michael Pompeo spoke to Crown Prince Mohammed bin Salman on the eve of a conference call between the leaders of the Group of 20 on the global pandemic and its economic fallout.