In a statement, U.S. President Donald Trump said, he expects Russia and Saudi Arabia to reach an agreement on crude oil production in the next few days, and end the price war between the two which has “ravaged” the oil industry.
“I think that they will work it out over the next few days. … Both know what they have to do,” said Trump at a White House news conference. He did not elaborate on the reasons for his confidence.
“Worldwide, the oil industry has been ravaged,” said Trump pointing to the glut in the oil market which has sent oil prices tumbling to their 18-year lows.
Trump said he wanted to bring the oil industry “back to where it was.”
“I think I know what to do to solve it. We don’t want to lose our great oil companies … I’d rather not do that,” said Trump without elaborating.
“I think that Russia and Saudi Arabia at some point are going to make a deal, in the not-too-distant future, because it’s very bad for Russia, it’s very bad for Saudi Arabia,” said Trump while adding he had separate “great” conversations with the heads of both countries – Saudi Crown Prince Mohammed bin Salman and Russian President Vladimir Putin.