White House stalls a US-Saudi oil alliance concept instead OPEC for now


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White House stalls a US-Saudi oil alliance concept instead OPEC for now

Top officials in the White House, who had previously been mulling a proposal of a Saudi-US oil alliance by unravelling the existing OPEC (Organization of Petroleum Exporting Countries), had agreed to sidestep the landmark concept to rebalance the global oil market for now, at least three sources familiar with the subject-matter had unveiled on Tuesday, the 31st of March 2020, on condition of anonymity as the sources were not authorized to speak over the issue on public.

Nevertheless, a likely White House move to intervene in to the OPEC pact and to strip Saudi out of it to yield a new oil alliance aimed at managing the global oil market which had crushed in to a nearly 18-year low figure following a Saudi-triggered crude oil price war over market shares, that had been put on hold according to the sources, came forth at a time when the OPEC members alongside the Russia-led group of other oil exporting countries had been engaged in a rattling battle and their most recent attempt on Tuesday (March 31st) to schedule a date in a bid to discuss over their shattered relationship reportedly had failed to bear fruits.

Meanwhile, two sources with knowledge regarding the matter were quoted saying on condition of anonymity that the US Secretary Mike Pompeo alongside the Energy Secretary Dan Brouillette had unwrapped the concept of a Saudi-led Saudi-US oil alliance alternative of OPEC to the US President Donald Trump, but no final decision had been made. [Source: Reuters]