US, WASHINGTON (ORDO NEWS) — US President Trump has sought to end the battle for market share, which has led to a sharp fall in oil prices, and to cut oil production by 10 million barrels a day worldwide, according to Bloomberg.
President Trump has talked to Saudi Arabia’s Crown Prince Mohammad bin Salman on Tuesday and posted on Twitter that Saudi Arabia and Russia expect to cut crude oil production by about 10 million barrels. In response to the rapid growth.
Later, a person familiar with the matter revealed that President Trump hopes that other oil-producing countries will also contribute to this cut. Still, others pointed out that Trump’s goal of reducing production is merely hope, and ultimately depends on whether Saudi and Russia will reach an agreement.
However, it is very difficult to achieve such a scale-down with the participation of major oil-producing countries. Saudi Arabia has not expressed support for President Trump’s call, but has sought to discuss a “fair agreement” with the Organization of the Petroleum Exporting Countries (OPEC) and OPEC Plus, which consists of major non-member oil producing countries such as Russia, and others. He called for an “emergency meeting.” He suggested that his own country would also cut production only if other countries cut production.
This will also ask whether the Trump administration intends to cap US production to finalize a global agreement.
Russia, on the other hand, has effectively denied Trump’s tweet. President Trump explained that he had spoken to the Saudi prince, and later that he had talked with Russia’s President Putin, but spokesman for the Russian Presidency said that Putin had not spoken to the Saudi prince. Confirmed that Saudi Arabia has not agreed to reduce production.
OPEC Plus officials familiar with the series of exchanges are on condition that they remain anonymous, and Saudi Arabia and Russia have not yet agreed on a reduction in production, or on whether or not to reduce production. He said major oil-producing countries would need to agree on a cut in production.
At a press conference in the White House following a tweet, Trump said he expected Saudi-Russia agreements to be imminent. “The agreement would be great for Russia and Saudi Arabia. I hope, but I’ve heard from both countries,” he said. He also said he had never offered Saudis and Russia a cut in the United States to encourage oil cuts.
President Trump will meet with leaders of the domestic oil production and refinery industry on March 3.
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