WASHINGTON (Pakistan Point News / Sputnik - 10th April, 2020) US President Donald Trump said that OPEC and many countries outside of it are nearing a deal to stabilize global oil markets that may be announced very soon.
"They are getting close to a deal. That's OPEC and many other countries outside of OPEC. They will probably announce something either today or tomorrow," Trump said at a White House briefing Thursday. "One way or the other. Could be good, could be not so good."
As OPEC+ was discussing output cuts Trump held a conference call with Russian President Vladimir Putin and Saudi King Salman Bin Abdulaziz. The conversation lasted an hour and half delaying a daily coronavirus briefing at the White House.
Trump said it was "a very good talk" and, responding to a reporter's question, added that Russian and Saudi leaders deal well with each other.
After taking a few questions the US president left the briefing to continue negotiations on oil, as he explained.
He has been sending mixed signals as to whether the United States, the world's largest oil producer, may be a party to an anticipated deal. Trump earlier said that American companies have already slashed the output significantly adjusting to new price and demand levels. Trump also hinted repeatedly at alternative options at his disposal to protect the nation's oil industry if OPEC+ fails to reach a deal.
Oil prices plummeted in early March after OPEC+ exporters did not agree on further production limits, dealing a blow to the market weakened by a fall in demand during the COVID-19 pandemic.
On Thursday, OPEC+ meeting participants outlined a general draft agreement and the process is ongoing, but there is still no final decision, a source in one of the delegations told Sputnik.
If all OPEC+ states agree on the terms of the new deal, it is planned to last through April 2022, two sources in different delegations told Sputnik. Another source said that the intention is to gradually reduce cuts from 10 million barrels per day to 6 million barrels per day, which will last from January 2021 to April 2022.
