Suddenly, Saudi Arabia is playing nice.
The Saudi Crown Prince Mohammad Bin Salman, or MBS, was seen hugging his Qatari Emir (diplomacy trumped social distancing) on Tuesday to break a three-year-old bitter political standoff with its neighbour, and also stepped in to save global oil markets.
At a routine meeting of the The Organization of the Petroleum Exporting Countries and its allies, including Russia, the Saudis made a splash by declaring a unilateral 1-million barrel per day cut. Brent crude prices shot up 5 per cent on the news Tuesday, and are rising again this morning to hit US$54 per barrel.
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