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WTI has shed nearly 60% of its value since the start of this year. This being said the US and Saudi Arabia have been discussing the idea of setting up an oil accord. This agreement would amount to a cartel to influence the market to be more favorable. The US Oil Industry has suffered greatly from the Saudi Arabian – Russian Oil Price War as well as COVID-19. Producers continue to cut prices, slash spending plans, suspend share buybacks, and ask providers to discount their services. According to Reuters’ John Kemp, it has further to fall unless the economic outlook for the country —and the world—improves sharply and quickly.