Trump touts Saudi-Russia oil deal to halt price war

Trump touts Saudi-Russia oil deal to halt price war

The two top crude producers are said to slash output by as much as 15 million barrels a day - an unprecendented 15% of global supply.

Ryan Brooks has more.

U.S. President Donald Trump said Thursday (April 2) that he brokered an oil deal with Russia and Saudi Arabia.

(SOUNDBITE) U.S. PRESIDENT DONALD TRUMP, SAYING: "It would be great for Russia.

It would be great for Saudi Arabia.

I hope they make that deal." Trump said in a tweet that the two top crude producers are said to slash output by as much as 15 million barrels a day.

That's an unprecedented amount - it represents about 15% of global supply.

Trump stressed he did not agree to cut domestic production in the U.S., but details of how the cuts will work remain unclear.

Since early March, Russia and Saudi Arabia have been at odds, as they failed to strike a deal curbing output.

Global oil demand is expected to plummet by about one-third of daily consumption this month, as the worsening pandemic has frozen economic activity around the world.

Oil prices have plunged to close to $20 a barrel, the lowest since 2002.

Saudi Arabia, the de facto leader of OPEC, called an emergency meeting Thursday to reach an agreement to stabilize oil markets.

Russia said on the same day they will cooperate with OPEC, and will not raise its output level.

Trump is set to meet with U.S. oil industry executives on Friday (April 3).