Trump touts Saudi-Russia oil deal to halt price war

Reuters Videos
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2 個月前

U.S. President Donald Trump said Thursday (April 2) that he brokered an oil deal with Russia and Saudi Arabia.


"It would be great for Russia. It would be great for Saudi Arabia. I hope they make that deal."

Trump said in a tweet that the two top crude producers are said to slash output by as much as 15 million barrels a day.

That's an unprecedented amount - it represents about 15% of global supply.

Trump stressed he did not agree to cut domestic production in the U.S., but details of how the cuts will work remain unclear.

Since early March, Russia and Saudi Arabia have been at odds, as they failed to strike a deal curbing output.

Global oil demand is expected to plummet by about one-third of daily consumption this month, as the worsening pandemic has frozen economic activity around the world.

Oil prices have plunged to close to $20 a barrel, the lowest since 2002.

Saudi Arabia, the de facto leader of OPEC, called an emergency meeting Thursday to reach an agreement to stabilize oil markets.

Russia said on the same day they will cooperate with OPEC, and will not raise its output level.

Trump is set to meet with U.S. oil industry executives on Friday (April 3).

  • c
    c c
    In other word tRump is appluading Americans having to pay more for gas and heating fuel at a time when more people are out of work than in the history of the nation. All to protect big oils profit margins.

    Remember that come November!
  • J
    Joe Public
    Question your government when the two nations we are somehow conveniently relying upon and snuggling up to are the #1 global sponsor of terrorism and a known violator of sovereign and human rights. We're not draining any swamps. We're contributing to them.
  • J
    You started this whole price wars with China 3 years ago.
  • J
    Oh no, our president speaks again, like anyone is listening.
  • D
    Let's just bankrupt US companies and then see how much you will pay for gas and oil when Russia and Saudis control pricing and we have no production. People are just stupid.
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