Trump Sees Progress in Russian-Saudi Oil Talks

The US President believes that Russia and Saudi Arabia will be able to find a compromise on oil production during the OPEC+ summit. The Americans themselves are not going to further reduce production. US President Donald Trump pointed to progress in resolving the dispute between Russia and Saudi Arabia over oil production ahead of the OPEC+ summit. “I think they can find a solution. Progress has been made over the past week,” Trump said during a briefing at the White House on Wednesday, April 8. At the same time, he noted that the United States itself is unlikely to reduce oil production in coordination with OPEC+. “We have already reduced production, because we focus on the situation on the market,” the American leader said. Initially, the OPEC+ emergency summit of member countries was scheduled for April 6, but it was postponed until April 9 to get additional time for negotiations. OPEC+ Deal Failure On April 1, the OPEC+ deal to reduce oil production volumes was terminated. Moscow and Riyadh blame each other for this. Since then, world oil prices have reduced for more than by half. OPEC+ includes 13 member states of the Organization of Petroleum Exporting Countries (OPEC), as well as Russia, Kazakhstan and Azerbaijan.