Oil prices spiked on Thursday morning after U.S. President Donald Trump said that he spoke with the Saudi Crown Prince, and hoped and expected that Saudi Arabia and Russia would “cut back approximately 10 Million Barrels, and maybe substantially more,” sending oil prices soaring by 20%.
“Just spoke to my friend MBS (Crown Prince) of Saudi Arabia, who spoke with President Putin of Russia, & I expect & hope that they will be cutting back approximately 10 Million Barrels, and maybe substantially more which, if it happens, will be GREAT for the oil & gas industry!” President Trump tweeted on Thursday.
For anyone wondering why oil prices just spiked by over 25%… https://twitter.com/realDonaldTrump/status/1245726411526221824 …Donald J. Trump
…..Could be as high as 15 Million Barrels. Good (GREAT) news for everyone!
According to the Saudi’s official news agency, SPA, Saudi Arabia is calling for an urgent meeting for OPEC+ states “and another group of countries”.
Making no mention of specific numbers.
The press agency later went on to make mention of the relationship with the United States.
Earlier today, prices were already gaining more than 8% after the market began to tentatively hope that former allies Russia and Saudi Arabia could re-launch talks on propping up oil prices, which are too low for both of those economies, regardless of their claims of ‘resilience’ even at these prices.
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