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News Story Source: Scott Ritter
The G20 met in virtual session on April 10, ostensibly to address the crippling one-two punch brought on by the economic impact of coronavirus and the simultaneous collapse of the price of oil resulting from Russia and Saudi Arabia flooding an already depressed market.
In the end, the world's leading oil producers finalized an agreement on sweeping oil production cuts, building on a previous agreement between Russia and Saudi Arabia to stop their price war. The United States is taking credit for this breakthrough, however, citing the role it played in helping bring Mexico to closure.
But the U.S. contribution was, and is, illusory—President Trump is in no position to promise cuts in U.S. oil production, and as such remains unable to meaningfully contribute to the global oil production reduction scheme. Void of any substantive final agreement, global energy markets will continue to suffer as production far outstrips demand. For U.S. oil producer
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