Trump says he expects Russia, Saudis to cut oil production

saudi-oil

FILE - In this Dec. 11, 2019, file photo, Saudi Arabia's state-owned oil company Armco and stock market officials celebrate during the official ceremony marking the debut of Aramco's initial public offering (IPO) on the Riyadh's stock market, in Riyadh, Saudi Arabia. Saudi Arabia's oil company Aramco said Wednesday, march 11, 2020, it will increase production capacity to 13 million barrels per day, up from 12 million per day, part of a strategy to dominate market share amid a slowdown in demand due to the outbreak of a new virus. (AP Photo/Amr Nabil, File)

saudi-oil

WASHINGTON (AP) — President Donald Trump says he expects Saudi Arabia and Russia will end an oil war and dramatically cut production. A global glut in production, coupled with an economy reeling from the coronavirus pandemic, has sent energy prices to lows not seen since 2002. Trump tweeted that he had spoken with Saudi Crown Prince Mohammad Bin Salman, just days after talking to Russian President Vladimir Putin about the matter. Low crude prices makes many drilling operations in the U.S. unsustainable, and in response companies have announced thousands of layoffs.