Price of oil
Demand for oil has collapsed so much due to the coronavirus pandemic that facilities for storing crude are nearly full.
The group of nations agreed to cut 9.7 million barrels a day beginning May 1 in hopes of boosting crashing oil prices amid the pandemic, officials said.
Brownstein Hyatt Farber Schreck has earned millions from both major U.S. oil interests backed by Trump and their Saudi rivals.
Crude oil is up nearly 4% as the world waits to see how Iran will retaliate.
The announcement came as the U.S. released new evidence to support its allegation that Iran was responsible for the attack on Saudi Arabia's oil sites.
The president tweeted that he's authorized the release of strategic petroleum reserves "if needed" to stabilize energy markets after an attack on Saudi oil sites.
Yemen's Houthi rebels have claimed responsibility for the attacks in Buqyaq and the Khurais oil field.
A statement clarifies that Saudi Arabia issued a vague statement about its plans.
Anyone who wonders why Saudi Arabia has refused to reduce its oil production to drive the price back up can find an answer in the global climate change accord agreed to by 195 nations in Paris last month.
Sitting atop some of the planet's great oil reserves and getting 73% of their revenues from oil sales (income that dropped by 23% last year), the Saudi royals just hiked the domestic price of gas at the pump by 40%.