Saudi newspapers highlighted in their editorials today a number of issues at local, regional and international arenas. Al-Bilad newspaper reported in its editorial that in light of the unprecedented collapses in prices of the global oil markets, the Kingdom of Saudi Arabia succeeded in coordination with Russia in achieving OPEC + agreement. The paper added that this step which was in cooperation with a number of producers outside OPEC + would significantly contribute to rebalancing global oil markets to confront major challenges and crises such as COVID-19 Pandemic and its implication on global economy. The paper concluded that the Kingdom of Saudi Arabia reaffirmed its keenness to achieve stability for the oil market and commitment with the Russian Federation firmly to implement the targeted reductions agreed upon for two years. In the same context, Okaz newspaper reported in its editorial that the Kingdom of Saudi Arabia is keen on stabilizing the global oil market, as it is the most influential country and the most capable of maintaining economic balances globally. The paper added that the coronavirus pandemic and its negative implications on oil market highlighted the wisdom and fair of Saudi Arabia in its decisions to preserve the balance of oil market, after oil prices have fallen significantly during the recent period. The paper concluded that Saudi Arabia's efforts to stabilize oil market during the pandemic are highlighted in many important endeavors, most prominent of which is in the meetings of its presidency of G20, resulted in pledging the countries outside OPEC + to cut about 3.7 million barrels per day of crude supplies.
