President Donald Trump says that the oil price crash is ‘going to hurt a lot of jobs in our country’.
Oil prices have dropped by about two-thirds this year as the pandemic crushes demand and as major producers Russia and Saudi Arabia boost output in a war over market share. After meeting with industry executives on Friday, Trump said he was not considering tariffs at the moment, but it was a tool that could be used “if we’re not treated fairly”.
Trump reiterated on Saturday that Saudi Arabia had told him it had agreed with Russia to jointly reduce output by an unprecedented 10 million barrels per day or more.
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