Trump Says Ready to Help end Saudi-Russian Oil-Price War

US President Donald Trump said Tuesday he was ready to help resolve an escalating oil price war between Russia and Saudi Arabia that has helped push crude benchmarks to 17-year lows, France24 reports.
The threat of a global recession triggered by the coronavirus pandemic had already hammered prices when Riyadh said last month it would raise exports after a production-cut agreement among top producers flopped in early March.
On Monday, Saudi Arabia said it would increase exports further to a record 10.6 million barrels per day from May, deepening a global supply glut as crude recorded its biggest monthly and quarterly price plunges in history.
Trump said he had spoken with his Russian counterpart Vladimir Putin and Saudi Crown Prince Mohammed Bin Salman by phone with the aim of halting the slide.
"The two countries are discussing it. And I am joining at the appropriate time, if need be," Trump said.
Saudi Arabia had been exporting around 7.0 million barrels per day under an output reduction agreement among a 24-member producer alliance known as OPEC+, which included Russia.
OPEC+ failed to reach an agreement on further production cuts to shore up sagging prices as the coronavirus battered the global economy last month.
Analysts say Riyadh is engaged in a deliberate long-term strategy to capture greater market share by pressuring its high-cost rivals.
"Saudi policy will not just drive more expensive forms of oil production out of the market; it will also make it harder for renewable energy to compete with fossil fuels," said Bernard Haykel, a Saudi expert at Princeton University.
The price war has also hit shale oil producers in the US, with Trump telling Tuesday's press conference that the production dispute threatened "thousands and thousands" of jobs.
In a letter last week to US Secretary of State Mike Pompeo, a group of US senators accused Saudi Arabia and Russia of waging "economic warfare against the United States".
Other materials on this subject
- Gazprom, Turkey Discuss Using TurkStream for Gas Supplies to Europe Earlier, Burmistrova said that Gazprom may consider delivering some of TurkStream’s gas further to Europe, on the condition that the demand for gas in the country continues to decline. Gas purchases...
- China's Economy Will Grow 2% This Year and 7.9% in 2021 "A premature policy exit and excessive tightening could derail the recovery," the World Bank said in its latest economic update on China, released Wednesday. It predicts the world’s second-largest economy...
- World Oil Prices Dropping And the Brent oil futures for February supplies fell by 2.97 percent to $50.71 a barrel.
- Oil Prices Fall as OPEC+ Members Debate 2021 Output Policy "Last week’s optimism is taking a hit this morning and longs are edging towards the exit ahead of the OPEC+ talks," said oil broker PVM’s Tamas Varga, after OPEC+ failed to agree on policy in informal...
- OPEC Sees Steeper Oil Demand Drop as Virus Remains Challenging World oil demand will tumble by 9.46 million barrels per day (bpd) this year, the Organization of the Petroleum Exporting Countries said in a monthly report, more than the 9.06 million bpd decline expected...
-
19:39
India Moves ahead to Procure more MiG-29s and Sukhois
-
19:29
Russia’s FM Says Now not the Best Time to Discuss Nagorno Karabakh Status
-
19:00
Armenian Ambassador to Attend Biden Inauguration
-
18:17
5 Day Weather Forecast in Armenia
-
17:22
Armenia's PM Replaces Head of his Staff Eduard Aghajanyan with Released Health Minister Arsen Torosyan
-
16:54
Foreign Minister of Artsakh Received Representatives of the ARF Dashnaktsutyun Supreme Body of Armenia and Central Committee of Artsakh
-
15:44
COVID-Infected President Sarkissian to Be Discharged from Hospital Soon
-
15:42
Armenia Central Bank Issues New Collector Coins
-
15:22
President’s Office confirms receiving PM’s motion on dismissing Healthcare Minister Arsen Torosyan
-
14:31
Iran jails U.S. Businessman, Possibly Jeopardizing Biden's Plans for Diplomacy with Tehran
-
14:07
Global Coronavirus Cases Top 95 mln
-
13:42
European Parliament, EU Foreign Ministers to Discuss Navalny’s Detention
-
13:40
Ombudsman Applies to OSCE Minsk Group Co-Chairs Over Return of Armenian POWs from Azerbaijan
-
13:36
Russian Peacekeepers Start Demining Outskirts of Artsakh’s Martakert
-
13:25
Azerbaijani President’s Statements Became Slogans Inspiring Atrocities Against Armenians in Artsakh War, Armenian Ombudsman Says
-
12:57
Biden Administration to Have Another American Armenian Official
-
12:40
190 Refugees Return to Stepanakert in a Day
-
12:35
Artsakh Emergency Service: One of 3 fallen Soldiers Found Sunday is Identified
-
11:04
Armenia Records 164676 Confirmed Coronavirus Cases
-
10:17
Foreign Ministers of the Baltic States Condemn the Arrest of Alexei Navalny by Russian Authorities
day
week
month
-
12:46
Lavrov: No Provocations Against Russian Peacekeepers in Nagorno-Karabakh
-
10:50
Azerbaijan President's Statement Contradicts point 8 of Statement Signed on November 9, 2020: Arman Tatoyan
-
18:57
Artsakh Authorities Find More Bodies of Fallen Troops in Ongoing Search Operations
-
13:51
Artsakh Security Chief: We Could Have Avoided the War
-
16:40
Colorado Identifies First Known Case of UK Coronavirus Variant in US
-
09:05
Armenia to Import 2,250 Goods from Iran Instead of Turkey
-
15:04
Bodies of 1,111 Fallen Armenian Soldiers Retrieved So Far: Artsakh Emergency Service
-
23:23
Let's Believe that 2021 Will Restore Our Lost Dignity
-
17:53
Armenian, Azerbaijani Intelligence Chiefs Discuss PoW Exchange at Moscow-Mediated Meeting
-
11:46
Armenia Ombudsman: What Azerbaijan Military has Done is Step with Clear Intention to Intimidate Civilians
Humidity: 84%
Wind: 6 km/h