Trump says oil-cut deal with Saudi, Russia to halt price rout

Trump says oil-cut deal with Saudi, Russia to halt price rout

Deccan Herald
Reuters,

US President Donald Trump said on Thursday he had brokered a deal with top crude producers Russia and Saudi Arabia to cut output and arrest an oil price rout amid the global coronavirus pandemic, though details of how the cut would work were unclear.

Trump said the two nations could cut output by 10 to 15 million barrels per day (bpd) - an unprecedented amount representing 10% to 15% of global supply, and one that could necessitate the participation of nations outside of OPEC and its allies.

A senior US administration official familiar with the matter said Trump would not formally ask US oil companies to contribute to the production cuts, a move which is forbidden by US antitrust legislation.

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