Oil Soars on Trump’s Contentious Saudi-Russia Output Cuts Claim
- Crude futures surge as much as 47% in London, 35% in New York
- Texas oil regulator says had conversation with Russia on cuts
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Oil soared after U.S. President Donald Trump said Saudi Arabia and Russia would make major output cuts, though uncertainty swirled over the volume of curbs and whether reductions would be made at all.
While Trump tweeted that cuts of 10 million to 15 million barrels were possible, he didn’t specify if that reduction would be per day. He also said he spoke to Saudi Crown Prince Mohammed Bin Salman about the market.