Trump tells CNBC he spoke to Putin, MBS and expects Saudis, Russia to announce 10 million barrel cut
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President Donald Trump expects Russian President Vladmir Putin and Crown Prince of Saudi Arabia Mohammed Bin Salman to announce a deal on a production cut, the president said to CNBC.
The president is expecting a cut of 10 million barrels, although the cut could be as high as 15 million barrels.
The President later said in a tweet that a production cut would be “great for the oil & gas industry!”
“It’s obviously welcome. It will be very welcomed by the industry in the short run. As long as the coronavirus continues, there’s just a substantial amount of excess capacity being generated every day,” Dallas Fed President Robert Kaplan said to …continued .
[Source: CNBC News]