Lagos — As President Donald Trump of the United States finally stepped into brewing trade war between Russia and Saudi Arabia, analysts predict an indication of an end to OPEC meeting with just few non-OPEC countries.
Now, the Organization of the Petroleum Exporting Countries will be forced to form an alliance with the whole of non-OPEC countries who also have crude oil, and agree on market share to boost prices.
President Trump said he already spoke with Saudi Arabia’s crown prince, Mohammed Bin Salman who has also spoken with President Putin of Russia, and have agreed to end the trade war.
According to Trump, he expects Russia and Saudi Arabia to cut oil production by a combined 10 million barrels.
Both Saudi Arabia and Russia have been in a trade war for market share since failed talks with the Organization of the Petroleum Exporting Countries.
“Just spoke to my friend (the Crown Prince) of Saudi Arabia, who spoke with President Putin of Russia, & I expect & hope that they will be cutting back approximately 10 Million Barrels.
“And, may be substantially more which, if it happens, will be GREAT for the oil & gas industry!,” Trump’s tweet said.
Coupled with the COVID-19 pandemic, market share war between Russia and Saudi Arabia has driven oil prices globally below $30 per barrel.
With ongoing talks among Russia, Saudi Arabia and President Trump, a meeting which may end market glut and boost prices is expected soon.
