Coronavirus: Saudi Arabia, Russia could make further production cuts, says Trump

Coronavirus: Saudi Arabia, Russia could make further production cuts, says Trump

The US President Donald Trump said on Friday that Russia and Saudi Arabia could make further production cuts amid the glut in the oil market due to the coronavirus pandemic.

Speaking at a White House event along with Treasury Secretary Steven Mnuchin, Trump added Texas, Oklahoma and North Dakota were cutting production as well as Canada.

“It’s going to be natural at this point,” he said of such cuts.

He added that he wanted to help the oil and gas industry and suggested the federal government could buy fuel for the country in advance as well as purchase airline tickets in advance.

Mnuchin stated that the Trump administration was considering taking stakes in US energy companies as one possible option as it seeks to help the nation’s oil and gas sector.

“We’re looking at a whole bunch of alternatives,” he said.

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