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John Wang
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Stocks
April 3 09:13

Trump’s tweet about oil production compromise drives up the prices

According to his tweet, Russia and Saudi will reduce oil production by 15 million barrels.
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US President Donald Trump has hinted, that he has managed to lead Russia and Saudi to a compromise over oil production. According to his tweet, both countries will reduce their production by 15 million barrels.

Trump did not specify, whether this will be the reduction of daily output. Yet the market seems to believe, that it is the case. Oil prices in NY have risen by 35% and then evened out at around 21%, ending up at US$25.48 per barrel. 
The news come after a series of phone calls by the US president. Shortly after the tweet went out, Saudi Arabia has announced the “urgent” assembly of OPEC+ members, including Russia and a number of other undisclosed countries. The nation wants to talk about a “fair agreement”. The announcement has hinted, that Saudi Arabia will only agree to cut its production only of other members will agree to cut theirs.
Earlier Russia has stated, that unlike Saudi Arabia, it will not boost its output. President Putin has discussed the oil prices with Donald Trump. However, the president’s press-secretary has stated, that no significant agreement has been reached yet.