Tweet from Trump sends oil price sky-high
According to Donald Trump, both Saudi Arabia and Russia will put a damper on crude oil production.
Tweet from Trump sends oil price sky-high. The oil price has taken a huge jump on Thursday afternoon after US President Donald Trump joined the keys on his favorite platform, Twitter.
Here, the president announces that he has spoken to Saudi Arabian Crown Prince Mohammed bin Salman in an attempt to mediate during a price war between Russia and Saudi Arabia.
Following the phone call, Donald Trump expects Saudi Arabia and Russia to reduce crude oil production by ten million barrels a day.
– Just spoke to my friend MBS (abbreviation for Mohammed bin Salman, ed.) Of Saudi Arabia, which has spoken to Russian President Putin, Trump wrote on Twitter.
– I expect and hope that they will limit production by ten million barrels and maybe significantly more, which – if that happens – will be great for the oil and gas industry, he adds.
Immediately after the tweet, the price of crude oil rose by more than 25 percent, according to news agency AFP.
However, the Russian government cannot confirm Donald Trump’s information.
Thus, Russian President Vladimir Putin denies having been in contact with the Saudi Crown Prince.
That’s what AFP writes.
Saudi Arabia and Russia have been embroiled in a bitter battle over oil, with Donald Trump acting as a broker.
Saudi Arabia has tried to get Russia and the rest of the oil-exporting countries in the organization Opec to cut production. Russia has so far rejected it.
Subsequently, Saudi Arabia has increased its oil production. And with too much oil on the market, the price has plummeted throughout March.
Saudi Arabia has requested an emergency meeting in Opec on Thursday. This must be done to “stabilize the oil market during the price war”, writes AFP.
Oil prices getting too high. OPEC, please relax and take it easy. World cannot take a price hike – fragile!
— Donald J. Trump (@realDonaldTrump) February 25, 2019
– The Kingdom is calling for an urgent meeting of Opec + and a number of other countries in an attempt to reach a fair deal and restore the balance in the oil market, a statement from the Saudi Arabian kingdom said.
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