The US has expressed its readiness to impose significant duties on imported oil

The President of the United States, Donald Trump intends to impose significant duties on imported oil. This will happen if Russia and Saudi Arabia do not reach an agreement on reducing production.

This statement was made by the head of the White House during a briefing. Trump noted that the US energy sector is completely independent of energy supplies from abroad since the country has its oil reserves.
However, according to the American leader, there is no need for duties — neither Russia nor Saudi Arabia benefits from the current situation on the market.

The price of a barrel of Brent today fell by about 10% from the opening, but then recovered slightly.

Optimism about the resumption of the OPEC+ meeting, which was supposed to take place today, has faded. Over the weekend, it became known that it was moved to Thursday. The parties need more time for discussions, and Saudi Arabia and Russia are trying to attract as many countries as possible, including Mexico and Canada. Meanwhile, Norway has already declared its readiness to reduce production if other countries take such a step.

In the face of falling demand and prices, major oil companies are resorting to all possible measures to survive the crisis. In recent weeks, such giants as ExxonMobil, BP, Royal Dutch Shell, Total and Equinor have increased their debts by $ 32 billion, writes the Financial Times. At the same time, they reduce costs and cancel share repurchases. Here they played into the hands of the Federal Reserve System. Its actions allowed the paralyzed debt market to unfreeze, and companies were finally able to borrow money.

Author: Flyn Braun
Graduated from Cambridge University. Previously, he worked in various diferent news media. Currently, it is a columnist of the us news section in the Free News editors.
Function: Editor