Skip to content
Subscriber Only

Trump Push for OPEC+ Deal to Cut Oil Supply Draws Disbelief

  • He says Saudis, Russia could cut 10 million to 15 million b/d
  • Reduction of that size could still be too small amid pandemic
Bloomberg business news
Trump Eyes Global Oil Output Cut of 10 Million Barrels a Day
Updated on

With just one tweet, U.S. President Donald Trump conjured up the prospect of a global oil alliance to rescue the industry from the worst shock in history. The question is whether it evaporates just as quickly.

After the president’s social-media intervention on Thursday, oil traders are frantically assessing whether Saudi Arabia, Russia and possibly even the U.S. -- the world’s three biggest producers -- are poised to strike a once-unthinkable grand bargain to cut daily supplies in unison by 10 million to 15 million barrels.