US, WASHINGTON (ORDO NEWS) — US President Donald Trump said on Thursday that he would intervene in the price war between Saudi Arabia and Russia in the oil market at “the right time,” adding that low fuel prices are favorable for US consumers, although they harm the industry.
The war for oil market share between Russia and Saudi Arabia, unleashed after the collapse of the OPEC + deal, intensified the fall in prices to almost 20-year lows.
“This is very destructive for Russia, because if you look, their whole economy is built on this, and we have the lowest oil prices for decades, so it is very destructive for Russia. I would say that this is very bad for Saudi Arabia, but they are fighting, they are fighting for the price, they are fighting for the loot. At the right time, I will intervene,” Trump told reporters at a press conference in the White House.
The Trump administration is considering diplomatic steps to force Riyadh to stop ramping up production, as well as the threat of sanctions against Russia to force Moscow to limit production, the Wall Street Journal reported citing unnamed sources.
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