Trump said that the coronavirus brought down the energy market by 40%

US President Donald Trump said that due to the coronavirus pandemic, demand for petroleum products fell by 40%.

The American leader expressed regret that the US authorities are now forced to store “millions of barrels” of oil.

“We are diverting huge storage tanks because oil is not sold today. The virus brought down the market by 40%,” Trump said.

He also noted that the US is interested in increasing oil prices from today’s $25 per barrel, which is set for American producers.

Fluctuations in the market began on March 6, when the participants of the OPEC+ meeting could not come to a common decision. Russia did not support the proposal to further reduce oil production by 1.5 million b/d in the second quarter of 2020. After the deal failed, oil prices fell by 30%.

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