WASHINGTON – President Donald Trump said Thursday that he expects Saudi Arabia and Russia will end an oil war and dramatically cut production.
The global gut in production, coupled with a slowing economy from the coronavirus pandemic, has sent energy prices to lows not seen since 2002.
Trump tweeted that he had spoken with Saudi Crown Prince Mohammad Bin Salman days after talking to Russian President Vladimir Putin about the matter.
Trump tweeted; “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!” Last month Saudi Arabia’s state-run oil giant Saudi Aramco said it would increase its crude oil production to 12.3 million