The dispute continues, Arab Saudi pumps more oil and pushes oil price to reach lower at $20 - $30 per barrel.
I think this is a holding breath contest. A country that can withstand lower oil (without breaking its' budget) wins.
SINGAPORE (Reuters) - Crude oil futures surged on Thursday after U.S. President Donald Trump said he expected Saudi Arabia and Russia to reach a deal soon to end their oil price war and Russian President Vladimir Putin called for a solution to "challenging" oil markets.
Brent crude futures rose 5.9%, or $1.46, to $26.20 as of 0418 GMT, while U.S. West Texas Intermediate (WTI) crude futures were up 4.6% or 94 cents, at $21.25.
Trump said he had talked recently with the leaders of both Russia and Saudi Arabia and believed the two countries would make a deal to end their price war within a "few days" - lowering production and bringing prices back up.
He also said he would be meeting with oil executives, where he is expected to discuss a range of options to help the industry amid the sharp hit to demand as the coronavirus outbreak has hammered industrial activity and kept cars off the road.
Speaking at a government meeting on Wednesday, Putin said that both oil producers and consumers should find a solution that would improve the "challenging" situation of global oil markets.