U.S. President Donald Trump believes that Russia and Saudi Arabia have “stopped fighting” with each other and agreed to “stop flooding the market” with oil. This was announced on Friday, April 3, by Larry Kudlow, the chief advisor to the US President.
“President Trump spoke on a number of occasions with President Vladimir Putin and Mohammed bin Salman, heir prince of Saudi Arabia. President Trump believes that they have agreed to stop fighting with each other and agreed on their obligation to stop artificially oiling a market that is already extremely tapped.
Earlier, on April 3 it became known that Russian President Vladimir Putin will hold a meeting with heads of relevant departments and heads of oil companies to discuss the current situation in global energy markets.
The day before, April 2, Trump said that he talked about oil prices with Salman Al Saud, who, in turn, had previously discussed the issue with Putin. According to the American leader, both Russia and Saudi Arabia have promised to significantly reduce production. The Kremlin has denied that Putin had such a conversation.
Oil prices collapsed on March 9, after Russia and the OPEC+ countries did not agree to cut oil production on March 6. As a result, Saudi Arabia said it was going to increase production to 12 mn barrels per day and bring its reserves to the market. As a result, prices fell by a record 30%