Donald Trump congratulates Vladimir Putin and Mohammad Bin Salman for reaching a deal to stop oil war, claiming the move will save ‘hundreds of thousands of energy jobs in U.S.’
- President Trump thanked Russian President Putin and Saudi Arabian King Salman for reaching a deal to cut the production of oil
- The two leaders made a deal with OPEC to stop an oil war, which was hurting some world economies on top of the coronavirus pandemic
- ‘The big Oil Deal with OPEC Plus is done,’ Trump touted Easter Sunday
- ‘This will save hundreds of thousands of energy jobs in the United States,’ he tweeted
- Learn more about how to help people impacted by COVID
Donald Trump touted Sunday that a historic deal had been reached to stop the oil price war between Russia and Saudi Arabia – thanking Vladimir Putin and Mohammad Bin Salman for working toward the agreement.
‘The big Oil Deal with OPEC Plus is done,’ Trump posted to Twitter Easter Sunday. ‘This will save hundreds of thousands of energy jobs in the United States.’
‘I would like to thank and congratulate President Putin of Russia and King Salman of Saudi Arabia. I just spoke to them from the Oval Office. Great deal for all!’ the president praised.
Donald Trump praised Russian President Vladimir Putin and Saudi Arabian King Mohammad Bin Salman for reaching a deal with OPEC to cut crude oil production and stop the oil price war
Measures to slow the spread of the coronavirus have destroyed demand for fuel and caused oil prices to plummet, straining budgets of oil producers and hammering the U.S. shale industry.
The OPEC+ said it had agreed to reduce output by 9.7 million barrels per day (around 10 percent of global output) for May-June, after four days of marathon talks and following pressure from U.S. President Donald Trump to arrest the price decline.
In the biggest oil output cut ever – exceeding four times the cuts approves during the 2008 financial crisis – the countries will keep gradually decreasing curbs on production in place for two years until April 2022.
The OPEC+ said it had agreed to reduce output by 9.7 million barrels per day (bpd) for May-June, after four days of marathon talks and following pressure from U.S. President Donald Trump to arrest the price decline
The Kremlin also confirmed the deal’s completion Sunday, reiterating that Russian President Vladimir Putin, President Trump and Saudi Arabian King Salman all support the OPEC+ deal to cut global crude output.
Putin and Trump, in a separate phone call, have also discussed strategic security issues, according to the Kremlin.
The Organization of the Petroleum Exporting Countries (OPEC) is an intergovernmental organization consisting of more than a dozen nations that make up an estimated 44 per cent of the global oil production.