Worldwide oil demand has dropped by roughly 30%, or about 30 million barrels a day, at the same time that Saudi Arabia and Russia have been flooding markets with extra supply.
The White House has said it was encouraging talks between the other countries, instead. Major U.S. oil companies and industry groups are opposed to mandated cuts, which would be an extraordinary step in the United States. That frustration led in part to March’s collapse of an OPEC+ supply deal that has propped up oil prices for three years.
“In the United States we have a free market and the industry will adjust on its own,” he said. U.S. Energy Department officials did not respond immediately to a request for comment.
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