Saudi and Russia, which had been playing chicken games for oil prices, are expected to reach a cut agreement.

The oil price war started a month ago.

The world's demand for crude oil is decreasing due to the Corona19 crisis, and when Russia disagreed with the cut, Saudi Arabia counterattacked as it began to increase oil.

Russia and the United Arab Emirates have announced plans to increase production, and international oil prices have plunged to $ 20 a barrel.

The reason Russia refused to cut production was because of a check on American shale oil companies.

While Saudi and Russia are supporting international oil prices with production cuts, American shale oil companies have increased oil production, making the United States the world's No. 1 oil producer.

As the international oil market hit the worst and the bankruptcy crisis of US shale oil companies has risen, US President Trump has been aggressively proposing cuts under pressure on Saudis and Russia.

Russian President Putin says he is ready to reach a 10 million barrel cut agreement.

[Putin / Russian President: We are ready to agree on subtraction issues. We will also discuss OPEC, major oil producing countries, and the United States.]

The OPEC Plus emergency meeting, in which Saudi Arabia-led OPEC and other oil-producing countries such as Russia will participate, will be held on the 9th.

At this meeting, the voices of oil-producing countries that the United States should also bear the forefront of cutting oil will likely grow.

This is because the United States maintains a policy to protect its own oil market even if it raises oil prices through large-scale production cuts.