EXPRESS – 04/13/2020: Donald Trump claims the new oil deal will save thousands of American jobs. In the process, POTUS called this agreement a “historic” one.
The Kremlin was the first to announce this agreement, which was signed between the world’s biggest oil producers. The countries that signed them include Russia, Saudi Arabia, the United States, and states that are part of OPEC.
Source: republicworld.com
President Trump was under a lot of pressure to give support to oil manufacturers who were suffering as a consequence of the coronavirus crisis. The deal that was instigated by Russia and Saudi Arabia considers cutting oil production by 9.7 million barrels per day.
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As it’s usually the case, Trump broke the news on Twitter: “The big Oil Deal with Opec Plus is done. This will save hundreds of thousands of energy jobs in the United States. I would like to thank and congratulate President Putin of Russia and King Salman of Saudi Arabia. I just spoke to them from the Oval Office. Great deal for all!”
At one moment, the deal was in jeopardy as Mexico wanted out, which was not well accepted by Saudi Arabian side. But, after the US pressure, they finally agreed to terms. The first cuts are expected in May, and expiring is scheduled for April of 2024.
The big Oil Deal with OPEC Plus is done. This will save hundreds of thousands of energy jobs in the United States. I would like to thank and congratulate President Putin of Russia and King Salman of Saudi Arabia. I just spoke to them from the Oval Office. Great deal for all!
— Donald J. Trump (@realDonaldTrump) April 12, 2024
This deal was well accepted across the globe. Daniel Yergin, who is the vice-chairman of IHS Markit, said: “What this deal does is enable the global oil industry and the national economies and other industries that depend upon it to avoid a very deep crisis. This restrains the build-up of inventories, which will reduce the pressure on prices when normality returns – whenever that is.”
Source: express.co.uk
