US Secretary of State Mike Pompeo has expressed concerns over instability in the global oil market in a call with Saudi Crown Prince Mohammed Bin Salman.
The Saudis triggered a price war earlier this month by hiking oil output above 10 million despite global demand dropping as a result of the coronavirus outbreak. Oil price has since crashed prompting what analysts have described as the worst crisis facing the industry in 100 years.
In his conversation with the crown prince, details of which was published in a US State Department readout, Pompeo “focused on the need to maintain stability in global energy markets amid the worldwide response.”
“Saudi Arabia has a real opportunity to rise to the occasion and reassure global energy and financial markets when the world faces serious economic uncertainty,” Pompeo is reported to have told the crown prince, who is known as MBS.
MBS was also advised over the kingdoms’ responsibility as a leader of the G20 and an important energy leader.
According to the readout both leaders expressed their deep concern over the spread of COVID-19 and the need for all countries to work together to contain the pandemic.
The Americans have shown extreme unease over the oil price war. US President Donald Trump appointed a special energy envoy to Saudi Arabia in an effort to stabilise the market.