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Oil jumps as Trump claims he brokered Saudi-Russian deal

Reuters/Washington
Filed on April 3, 2020 | Last updated on April 3, 2020 at 06.19 am

(Reuters)

He now expected the two nations to cut output by 10 million barrels per day.

US President Donald Trump said on Thursday he had brokered a deal with top oil producers Russia and Saudi Arabia to cut output and arrest an oil price rout amid a global coronavirus pandemic, sending crude prices up by 45 per cent.

Trump said he spoke with Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman, and now expected the two nations to cut output by 10 million barrels per day (bpd) - an unprecedented number representing 10 per cent of global supply.

Trump said cuts could amount to as much as 15 million bpd but didn't say whether the United States, the world's largest oil producer, would contribute to reductions, a move which is forbidden by US antitrust legislation.

"Just spoke to my friend MBS (the crown prince) of Saudi Arabia, who spoke with President Putin of Russia and I expect and 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. - Reuters


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