Crude Oil Price Rises Above $30 As Trump Set To Meet Saudi Arabia On Production Cut

Crude oil prices rose above $30 per barrel on Friday upon optimism of a meeting between US President, Donald Trump and Organisation of Petroleum Exporting Countries OPEC countries and its allies, also known as OPEC+, on Monday.

In a tweet on Thursday April 2, Donald Trump had said a production cut of about 10 million or more barrels may be implemented to prop up the oil and gas industry.

He tweeted: “Just spoke to my friend MBS (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 maybe substantially more which, if it happens, will be GREAT for the oil & gas industry!”

Following that, a statement by the Saudi Kingdom was released, calling for an urgent meeting of OPEC+ and other countries to reach a “fair agreement”.

The statement reads: “The Kingdom of Saudi Arabia would like to draw attention to the efforts it has exerted during the past period to reach an agreement within OPEC + group to restore equilibrium in the oil market as it has garnered the support of as many as 22 countries within OPEC + group, but it was not possible to reach an agreement due to lack of consensus.

“Today, the Kingdom calls for an urgent meeting for OPEC+ group and other countries, with the aim of reaching a fair agreement to restore the desired balance of oil markets.

“This invitation comes within the framework of the Kingdom’s constant efforts to support the global economy in this exceptional circumstance, and in appreciation of President Donald Trump of the United States of America’s request and the US friends’ request.”