UPDATE 4-Trump says oil-cut deal with Saudi, Russia to halt price rout [Reuters]
ABRAXAS PETROLEUM CORP (AXAS)
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Source: Reuters
Trump says oil-cut deal with Saudi, Russia to halt price rout DUBAI/MOSCOW/WASHINGTON (Reuters) - U.S President Donald Trump said on Thursday he had brokered a deal with top crude producers Russia and Saudi Arabia to cut output and arrest an oil price rout amid the global coronavirus pandemic, though details of how the cut would work were unclear. Trump said the two nations could cut output by 10 to 15 million barrels per day (bpd) - an unprecedented amount representing 10% to 15% of global supply, and one that could necessitate the participation of nations outside of OPEC and its allies. A senior U.S. administration official familiar with the matter said Trump would not formally ask U.S. oil companies to contribute to the production cuts, a move which is forbidden by U.S. antitrust legislation. [nL1N2BQ1MS] Russia and Saudi Arabia have been at odds since early March, when the two nations failed to agree on a deal curbing output as the coronavirus spread around the globe. The pandemic
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