President Donald Trump said Thursday that after speaking to Saudi Arabia's leader he expects a slashing of oil production, defusing a Saudi-Russian price war that has heavily impacted the US energy industry.
"Just spoke to my friend MBS (Crown Prince) of Saudi Arabia, who spoke with President Putin of Russia," Trump tweeted, referring to Crown Prince Mohammed bin Salman and Vladimir Putin."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!" Trump tweeted.
"Could be as high as 15 Million Barrels," he added in a subsequent post.
It was not clear from the tweets to what extent each of the two countries was intending to cut.
Benchmark contracts Brent North Sea and West Texas Intermediate soared more than 30 percent after Trump's tweet.