Friday, April 3, 2020

"Trump's call to Putin has changed everything"

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Oil prices soared on April 2 after President Donald Trump said Russia and Saudi Arabia may soon reach an agreement on cutting oil production.⠀ ⠀ Trump said so after speaking with Crown Prince Mohammed bin Salman, the de facto ruler of Saudi Arabia.⠀ ⠀ “Just spoke to my friend MBS (Crown Prince) of Saudi Arabia, who spoke with President [Vladimir] Putin of Russia, & I expect & hope that they will be cutting back approximately 10 Million Barrels, and maybe substantially more which, if it happens, will be GREAT for the oil & gas industry!” Trump wrote on Twitter.⠀ ⠀ Get one month FREE FULL ACCESS to Epoch Digital.⠀ Sign up here: https://ept.ms/FreeMonth (no credit card needed)⠀ ⠀ GET THE APP:⠀ iPhone - https://ept.ms/ETAppiPhone⠀ Android - https://ept.ms/ETAppAndroid⠀ ⠀ Read this article: https://ept.ms/3463g3F

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Oil prices spiked Friday amid reports OPEC members and their allies will hold a virtual meeting to discuss an end to their price war. ⁣ ⁣Brent crude oil, the international benchmark, climbed as much as 15 percent to $34.42 per barrel while West Texas Intermediate crude oil, the U.S. benchmark, gained as much as 12 percent to $28.31. ⁣ ⁣The reports say the alliance is willing to cut production, but that U.S. shale producers must also be willing to lower output. Trump, who is scheduled to meet with oil executives at the White House on Friday, has not yet indicated that's something U.S. producers are willing to do. ⁣ ⁣“I think they both want to make a deal,” Trump told reporters at a press briefing on Thursday evening. ⁣ ⁣Oil prices posted their biggest one-day gain in history on Thursday, with WTI surging 25 percent, after President Trump tweeted that he expected Russia and the Saudis to cut production by about 10 million barrels per day.

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