The United States, Russia and Saudi Arabia will jointly deal with the issue of oil prices – Trump

The United States, the Russian Federation and Saudi Arabia will jointly solve the problem of a collapse in oil prices, US President Donald Trump said on Tuesday, Interfax-Ukraine reports.

“I spoke with President Putin about this, I also spoke with the Crown Prince of Saudi Arabia about this. (...) We will do this all together and see what can be done”, Trump said at a briefing.

According to him, he had a “great conversation” with Putin, and although the negotiations touched upon such topics as trade and the threat of the coronavirus, the conversation was largely devoted to oil prices.

Trump explained that low oil prices are beneficial to consumers, but at the same time, they damage one of the largest industries in the US industry - oil, which threatens with the loss of thousands of jobs.

US Energy Secretary Dan Brouillette and Russian Minister Alexander Novak agreed to continue discussing the situation in the oil market with the participation of major world manufacturers in a telephone conversation between the presidents of the two countries of March 30, the US Department of Energy reported.

To recap, Russia and Saudi Arabia could not agree on a reduction in oil, so Saudi Arabia said it would increase the extraction of raw materials and lower prices, despite the decreasing demand for oil in the world market.

Earlier it was reported that Trump and Putin had agreed to discuss stabilization of the oil market.

Tags: contracts, oil, hydrocarbon production, legislation, EU, Top management, USA, energy market, добыча нефти, drilling, коронавирус, RF, Oil refinery plant, sanctions, foreign affairs, ОПЕК+, OPEC, export, negotiations, Putin, volumes, oil products, oil deliveries, energy sector, quarantine, Brent, WTI, pandemia

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