US President Donald Trump believes that Russia and Saudi Arabia have “stopped bickering” over oil and decided to “stop flooding the market,” Larry Kudlow, chief economic adviser to the US President, told reporters on Friday.
“President Trump spoke on a number of occasions with the President (of Russia Vladimir) Putin and Mohammed bin Salman, the Crown Prince of Saudi Arabia. President Trump believes that they stopped bickering with each other and agreed to their obligations-to stop artificially flooding the market with oil, which is already extremely overstocked,” Kudlow claims.
Trump wrote on Twitter the day before that Russia and Saudi Arabia could cut production “by 10 million barrels or more,” and then suggested that the production cut could be up to 15 million barrels a day. However, no official agreements have been announced between Russia and Saudi Arabia.
Earlier, the Wall Street Journal newspaper, citing sources familiar with the plans, reported that oil-producing countries at the OPEC+ meeting on April 6 intend to discuss the possibility of reducing production by at least 6 million barrels per day. At the same time, earlier on Friday, a source told Free News that OPEC+ will discuss on April 6 the possibility of reducing production by 10 million barrels per day.