OEPA says apparent end to Saudi Arabian-Russian price war over oil is a good start

Erin Beu | KOCO

Leaders from Russia, Saudi Arabia and the Organization of Petroleum Exporting Countries announced an oil production cut Sunday night.

The agreement appears to end the Saudi Arabian-Russian price war over oil. There’s now debate on exactly how much product will be slashed, but local industry leaders said it’s just a good start.

“To limit their production worldwide of about 10 million barrels of oil a day,” Dewey Bartlett Jr. said.

Bartlett, a chairperson with the Oklahoma Energy Producer Alliance, told KOCO 5 that the announcement would end the ongoing oil price war as consumption has plummeted worldwide because of the COVID-19 coronavirus pandemic.

“Over-producing a significant amount of oil,” he said.