President Donald Trump said he expected Riyadh and Moscow to cut oil output by as much as 15 million barrels
Trump said the two nations could cut output by 10 to 15 million barrels per day - an unprecedented amount representing 10% to 15% of global supply, and one that would require the participation of nations outside of OPEC and its allies. He said he did not make any concessions to Saudi Arabia and Russia, such as agreeing to a U.S. domestic production cut - a move forbidden by U.S. antitrust legislation.
Saudi Arabia, the de facto head of OPEC, called on Thursday for an emergency meeting of OPEC and non-OPEC oil producers, an informal grouping known as OPEC+, state media reported, saying it aimed to reach a fair agreement to stabilize oil markets. Trump is separately set to meet with U.S. oil industry executives on Friday.
Jason Kenney, the premier of Alberta, Canada’s primary oil-producing province, said on Thursday that Alberta was open to joining a production-cut deal, though he said, “It’s the Saudis and the Russians here who are the problem.” Canada produces roughly 4 million barrels of oil every day.
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