US President Donald Trump during a briefing in the Roosevelt Room of the White House in Washington March 10, 2020. — Reuters pic
Major oil producers including Saudi Arabia and Russia are likely to agree to cut production at a Thursday meeting but only if the United States joins the effort, three sources involved told Reuters on Monday.Worldwide oil demand has dropped by roughly 30 per cent, or about 30 million barrels a day as the coronavirus pandemic brings the world economy to a standstill, at the same time that Saudi Arabia and Russia have been flooding markets with extra supply.
Several US drilling companies have already scaled back production because of the drop in oil prices, which have lost around two-thirds of their value so far this year. The renewed discussions among members of Opec+ began after Trump pressured Riyadh and Moscow to make a deal in a series of phone calls. Trump said last week he had made no concessions and did not agree to a US production cut.
Usa.. Double standard and full of bullying
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