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U.S. Calling on Saudis to Halt Plan to Unleash Record Oil Supply

  • Pompeo, Saudi Crown Prince speak before G20 conference call
  • U.S. secretary of state urges kingdom to reassure markets
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U.S. Calls on Saudi Arabia to Halt Plan to Unleash Record Oil Supply
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The Trump administration is pressing Saudi Arabia to dial back its plan to flood the oil market after a price war with Russia sent crude prices crashing to their lowest levels in almost two decades.

The U.S. wants Saudi Arabia to hold back on a plan to supply a record 12.3 million barrels a day next month, people familiar with the situation said. It’s asking for the Saudis’ help in bringing oil prices back to where they were before the market cratered in early March, one of the people said.