The US will resist instability caused by attempts by other States to “manipulate oil markets,” said Shailene Hines, a spokeswoman for the US Department of Energy.
“The Trump administration is closely monitoring the impact on global oil markets of the coronavirus (COVID-19) and last week’s OPEC+ meeting. Attempts by state actors to manipulate oil markets underscore the importance of the United States as a reliable energy supplier to partners and allies around the world. The United States, as the world’s largest oil and gas producer, can and will resist this instability,” the Energy Ministry said in a statement.
Oil prices on Monday fell by 30% after OPEC+ countries failed to agree on March 6 to change the parameters of the deal to reduce oil production, or to extend it, which means that the deal ends on March 31.
The largest us index, the Dow Jones, suffered its strongest single-day drop since 2008 on Monday, at 7.79%. Major European stock indexes ended trading down 7-8% on Monday.
Saudi Arabia, according to media reports, has already said that it intends to increase production and reduce its oil prices.