Common Contracts

1 similar Oil Production Agreement contracts

A Historic Agreement to Reduce Oil Production
Oil Production Agreement • April 19th, 2020

The understandings led by the United States, Russia, and Saudi Arabia to cut oil production are the principal multilateral measure aimed at stabilizing the global economy during the coronavirus crisis. It is expected to revive OPEC+ and build the initial infrastructure for strengthening the cartel's influence on the entire energy market. Despite the conflicting interests of the respective parties and the loose nature of the agreement, the common economic distress should help to maintain compliance in the coming months. If the crisis persists, it is possible that the understandings will evolve into an institutionalized mechanism that will contribute to less confrontational political discourse among the superpowers. The United States, Russia, and Saudi Arabia can regard the agreement as an achievement. President Trump demonstrated leadership in the international arena, and alleviated the pressure on the American oil industry. President Putin proved the importance of Russia for the global

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