US, WASHINGTON (ORDO NEWS) — US President Donald Trump said he expects that Saudi Arabia and Russia will reach an agreement on oil production in the next few days, reports Reuters.
“I think they will work on it over the next few days … They know what they need to do,” Trump said at a press conference in the White House.
He noted that the oil industry around the world suffered from a collapse in oil prices, and added that he wanted to return the oil industry “to where it was.”
“I think I know what needs to be done to solve this problem. We do not want to lose our great oil companies,” the US president said.
Oil prices fell to 18-year lows after the failure of OPEC + negotiations. Russia rejected a proposal to increase production cuts under the OPEC + deal. Following this, a price war broke out between Saudi Arabia and Russia for a share of the oil market.
Oil prices have reached levels that could threaten US energy independence . US shale companies may eventually leave the market.
“I think Russia and Saudi Arabia will at some point make a deal, in the near future, because it is very bad for Russia, it is very bad for Saudi Arabia,” Trump said, adding that he had talks in recent days with the Crown Prince of Saudi Arabia Mohammed bin Salman and the President of Russia Vladimir Putin.
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