The US will intervene in the oil market at the “right time,” but in the meantime, it is trying to find a “middle ground” between the benefits of low prices and the protection of its oil industry, President Donald Trump said.
“On the one hand, it helps our consumers (of petroleum products) a lot, it (low prices) as a huge tax cut. But on the other hand, it damages a wonderful (oil) powerful industry,” Trump said at a press conference.
“We have serious levers of influence on the situation. We are trying to find something in between. This is very ruinous for Russia, because their entire economy is based on this (hydrocarbons). Now the lowest oil prices in decades, so this is very ruinous for Russia. This is also very bad for Saudi Arabia. However, they are fighting over the price and volume of production. I will intervene at the right time,” the President added.
Oil prices have almost halved since the beginning of March amid the collapse of the OPEC + deal. On March 6, the countries of the Alliance could not agree on changing the parameters of the deal on reducing oil production, or on extending it. In particular, Russia offered to maintain existing conditions, and Saudi Arabia – to reduce further oil production. As a result, restrictions on oil production in the former Alliance member countries will be lifted from April 1.