US President Donald Trump crossed wires after his call with the leaders of Saudi Arabia and Russia. The leader praised talks with the global oil majors while also suggesting to open massive areas for storage.
The Organization of the Petroleum Exporting Countries (OPEC) and its allies including Russia, mostly known as OPEC+, recently signaled 10 million per day cuts to global oil productions. A delegate from the cartel mentioned that the OPEC will follow 60% of the proposed cut while allies will offer 40% of the promised figures.
Key quotes
Conversations with Saudi Arabia and Russia on oil was very good.
Expect an announcement from them today or tomorrow.
We’re energy independent, we can just use our own oil.
Will open up massive areas for oil storage.
We’ll have big news tomorrow on energy and airlines
We are working with Congress to protect small business owners affected by coronavirus.
Market reaction
Despite sluggish markets due to the Good Friday holiday, oil prices inched up nearly 10 cents following the news. The WTI benchmark currently trades near $23.00 amid the early Friday morning in Asia.
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