State of Play: Saudis Boost Oil Production
Jul 31, 20201M Shares15.9M Views
A hastily arranged oil summit held this weekend in Saudi Arabia yielded few results. Oil ministers from 35 nations failed to reach an agreement about how to ease soaring global oil prices. Even Saudi Arabia’s decision to pump 200,000 more barrels per day was greeted with a yawn in financial markets, where prices rose modestly after the announcement. Oil producing countries blamed speculators for rising prices but importing countries including the United States say more supply is needed to meet worldwide demand.
Most major media outlets portrayed the summit as largely ineffective.
Saudi summit on oil offers little relief(Houston Chronicle)
Agreements Elusive at Oil Talks in Saudi Arabia(The New York Times)
Oil Trading Volatile Despite Saudi Output Pledge(The Washington Post)
Saudis Promise More Oil to Curb World-Wide Fears(The Wall Street Journal)
Saudi Vows Fail To Knock Down Oil Prices(CBS News)
Oil prices rise despite Saudi output pledge(Los Angeles Times)
Paolo Reyna
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Paolo Reyna is a writer and storyteller with a wide range of interests. He graduated from New York University with a Bachelor of Arts in Journalism and Media Studies.
Paolo enjoys writing about celebrity culture, gaming, visual arts, and events. He has a keen eye for trends in popular culture and an enthusiasm for exploring new ideas. Paolo's writing aims to inform and entertain while providing fresh perspectives on the topics that interest him most.
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