Business Maverick: Russia agree to oil market talks as Trump calls price war ‘crazy’

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The fallout from the coronavirus pandemic also helped to send oil prices into a historic tailspin, threatening higher-cost drillers in the United States and around the globe with bankruptcy. Shortly before Monday’s phone call, Trump said Saudi Arabia and Russia “both went crazy” in their oil-price war and that “I never thought I’d be saying that maybe we have to have an oil increase, because we do.”

Goldman Sachs analysts said that oil demand from commuters and airlines, which account for about 16 million barrels per day of global consumption, may never return to their previous levels. After Washington imposed sanctions on two units of Russia’s largest oil producer Rosneft in Venezuela, the company said on Saturday it had sold the assets to an unnamed company owned by the Russian government.

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Business Maverick: Cartoon Tuesday with RicoCohen is a business and political journalist and commentator of more years than he likes to admit. His freelance work has included contributions to the Wall Street Journal and the Financial Times, but he spent most of his life working for Business Day.After a mid-life crisis that didn't include the traditional fast car, Cohen now divides his time between Johannesburg and a house situated almost exactly in the middle of nowhere in the Karoo. Recent columns:
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