U.S. President Donald Trump says he brokered a deal with Russia and Saudi Arabia to cut oil output and end a steep decline in oil prices amid the global coronavirus pandemic.
Trump said he spoke with both Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman on April 2, but details of how the cuts would work were unclear.
'I expect & hope that they will be cutting back approximately 10 Million Barrels, and maybe substantially more which, if it happens, will be GREAT for the oil & gas industry!' Trump wrote on Twitter.
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Trump said Russia and Saudi Arabia could cut output by 10 million to 15 million barrels per day -- an unprecedented amount representing 10 percent to 15 percent of global supply. Such a cut would require the participation of nations outside of OPEC and its allies.
The U.S. president said he did not make any concessions to Saudi Arabia and Russia, such as agreeing to a U.S. domestic production cut, in brokering the deal.
Russia and Saudi Arabia have been at odds since failing early last month to agree on a deal curbing output as the coronavirus spread around the globe. The pandemic has worsened since, freezing economic activity and sending oil prices into a tailspin.
Russian Energy Minister Aleksandr Novak said on April 3 that Moscow was no longer planning to raise output and was ready to cooperate with OPEC and other producers to stabilize the market.
Saudi Arabia has called for an emergency meeting of OPEC and non-OPEC oil producers, an informal grouping known as OPEC+, state media reported, saying it aimed to reach a fair agreement to stabilize oil markets.
Trump is set to meet with U.S. oil industry executives at the White House on April 3.
With reporting by Reuters, Bloomberg, and AP
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