President Donald Trump said Saudis and Russia will ease pressure on oil, ending a price war that has contributed to crude’s massive plunge.
The president said in a tweet later that a production cut would be “great for the oil & gas industry,” and that the cut could be “substantially more” than 10 million barrels.
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!
— Donald J. Trump (@realDonaldTrump) April 2, 2020
The fact is, Russia and Saudi had to cut, they were also going to run out of storage for crude that isn’t getting used. As we talking about here