Crude oil rises at Trump's 'Saudi Arabia and dew production forecast' April 3 7:30
President Trump of the United States has shown prospects for major oil-producing countries, Russia and Saudi Arabia, to push ahead with massive cuts in connection with falling oil prices. Oil prices have risen in response to this, but the two countries have just stopped cooperative cuts in production, and it is uncertain whether Trump will cut production and lead to stable oil prices.
In a post on Twitter on Tuesday, President Trump said, "I talked to the Saudi Crown Prince. The Crown Prince also spoke to Russia's Putin. Have. "
Crude oil prices have plummeted due to the drop in demand due to the spread of the new coronavirus infection and the cutoff of cooperative production by the Organization of Petroleum Exporting Countries and Russia and others. In addition to bankruptcy for the first time, it has also contributed to the stock price slump.
As a result, President Trump, who wanted to avoid the oil price slump, set out to make adjustments, and the price of crude oil futures on the New York market surged by more than 30% at one time.
Saudi Arabia, on the other hand, has expressed its intention to discuss production cuts in other countries, while Russia denies President Putin talking with the Crown Prince.
Russia is worried that it will lose its market share by accepting the cut in production, and it remains unclear whether such cuts will lead to stable oil prices as President Trump says.