Trump’s Oil Deal: The Inside Story of How a Price War Ended [Yahoo! Finance News]
Exxon Mobil Corporation (XOM)
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Source: Yahoo! Finance News
) -- After a week-long marathon of calls between world leaders and video conferences featuring dozens of energy ministers, it was the moment the 2020 oil price war finally ended.From Villahermosa, a city near Mexico’s largest crude terminal, Energy Minister Rocio Nahle raised her voice. “Your Royal Highness, Mexico has already agreed. And now I would like to ask you: ‘Do you agree with these terms?’”In Riyadh, Saudi Energy Minister Prince Abdulaziz bin Salman nearly chuckled as he looked at a wall of video feeds showing his counterparts around the world. “I go with the consensus. I agree,” he replied.At that moment, the OPEC+ alliance sealed the largest ever coordinated production cut, removing about a 10th of global supply. The historic deal had almost been derailed by a fight between Saudi Arabia and Mexico’s populist government, forcing President Donald Trump to step in and broker a face-saving solution.Prince Abdulaziz declared himself sleepless and exhausted, but triumphant nonet
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