
President Donald Trump tweeted on Thursday that Saudi Arabia and Russia appeared to be close to curbing their oil production, a potential lifeline for the U.S. oil sector that has been buffeted by plummeting energy demand from the coronavirus and a flood of crude exports from the two countries.
“Just spoke to my friend MBS (Crown Prince) of Saudi Arabia, who spoke with President 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 tweeted.