Deutsche Bank Suspects Saudi Arabia Deepened Oil Cuts Under US Pressure
Saudi Arabia's recent pledge to take another million barrels per day off the oil market may have been a result of US diplomatic pressure, an analysis by Deutsche Bank has suggested
MOSCOW (Pakistan Point News / Sputnik - 13th May, 2020) Saudi Arabia's recent pledge to take another million barrels per day off the oil market may have been a result of US diplomatic pressure, an analysis by Deutsche Bank has suggested.
The kingdom made the announcement on Monday, days after US President Donald Trump and Saudi King Salman discussed oil over the phone. Simultaneously, the United States has been reportedly preparing to pull two missile batteries from Saudi Arabia.
Deutsche Bank has predicted that the United States would keep its pressure on the Saudi oil policy, raising the likelihood of another rift between Saudis and Russians after their deal on output curbs imploded in March.
The budgets of both countries depend on oil revenues. Russia refused to sign up to deeper cuts before eventually joining an OPEC+ deal in April that will see major oil producers reduce their output by a total 9.7 million barrels per day in May and June and gradually step it by until the curbs are lifted in April 2022.