WASHINGTON – Trump Says OPEC+ Planning To Cut Production. US President Donald Trump, on Monday said that top global oil producers are considering slashing output by 20 million barrels a day under the terms of a deal to boost prices.
According to details, Trump’s remarks came after OPEC producers and their allies agreed to cut production by 9.7 million bpd. Which some analysts feared would be too little to stem the damage from the combination of plunging demand. All of this amid the coronavirus pandemic and a price war between Russia and Saudi Arabia.
Trump tweeted that the number that OPEC+ is looking to cut is 20 Million Barrels a day. Not the 10 Million that is generally being report.
“Thank you to all of those who worked with me on getting this very big business back on track. in particular Russia and Saudi Arabia.”
Earlier, Saudi Aramco set the May price for its Arab light crude oil at a discount of $7.3 to the Oman/Dubai average. This is down $4.2 a barrel from April prices. This Arab light crude oil is to Asia. Aramco has raised the May OSP of its Arab light crude oil to US to a discount of $0.75 per barrel. This is up $3 a barrel from April. Meanwhile, Aramco left its OSP for Arab light crude oil to Northwestern Europe unchanged from April. This is at a discount of $10.25 per barrel to ICE Brent.
Trump Says OPEC+ Planning To Cut Production.