Oil Soars After Trump Says Saudis and Russia Will Cut Production

Oil soared after President Trump said that he expects Saudi Arabia and Russia to cut output back by 10 million barrels or more after he spoke with Crown Prince Mohammed Bin Salman.

While it wasn’t clear if Trump meant 10 million barrels a day, the announcement boosted U.S. West Texas Intermediate oil prices by as much as 35% and global benchmark Brent crude by as much as 47%. He also tweeted that the cut could be up to 15 million barrels.

However, Russian President Vladimir Putin hasn’t spoken to the Saudi crown price and hasn’t agreed to cut oil production to boost prices, Kremlin spokesman Dmitry Peskov said in a text message.