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Saudi, Russia close to oil deal

Agence France-Presse

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SAUDI Arabia has been accused of dumping to depress oil prices further and drive out of competition countries which produce oil with higher overheads. W. Commons

US President Donald Trump said Thursday that Russia and Saudi Arabia are “close” to agreeing on production cuts to prop up oil prices.

“I would say they are getting close to a deal. We will soon find out,” Trump told a press briefing at the White House immediately after a conference call with both Russian President Vladimir Putin and Saudi leader Crown Prince Mohammed bin Salman.

“They’re getting close to a deal. That’s OPEC and many countries outside of OPEC,” he said in further comments.

They will “probably announce something either today or tomorrow,” he said.

Trump said he would be having further discussions on the oil market crisis later Thursday.

Prices have plummeted after being hit simultaneously by a Russian-Saudi price war, in which both countries ramped up production, and the global economic paralysis triggered by the coronavirus pandemic.

“There’s not enough room to even store it,” Trump said of the surplus oil around the world.

The situation was “catastrophic,” Trump said, but added the market was “hitting bottom.”

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