BREAKING NEWS

Trump: 'Great' that Saudi, Russia, cutting oil production

By REUTERS

APRIL 2, 2020 18:07

Saudi crown prince Mohammed bin Salman and US President Donald Trump talked over the phone on Thursday and discussed global energy markets, according to the state news agency.

The call comes after the United States invited OPEC's main member countries to return to negotiations.

Saudi Arabia called on Thursday for an emergency meeting of OPEC and non-OPEC oil producers as it aims to reach a fair oil agreement to stabilize the oil market, state news agency SPA reported.

Following the call, Trump said that he expects Saudi Arabia and Russia to cut oil output by about 10 million barrels, and perhaps as many as 15 million barrels, as the two countries signaled willingness to make a deal.

"Just spoke to my friend MBS (Crown Prince) of Saudi Arabia, who spoke with President Putin of Russia, & 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 tweeted, adding: "...Could be as high as 15 Million Barrels. Good (GREAT) news for everyone!"

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