US President Donald Trump said on Wednesday he expected Russia and Saudi Arabia to soon settle their feud over oil production, which have caused historically low oil prices.

“We don’t want to lose our great oil companies,” Trump told reporters at the White House on Wednesday. “I think that Russia and Saudi Arabia are going to make a deal in the future … I think they’re going to make a deal.”

Last month, Saudi Arabia initiated a price war with Russia when negotiations for a reduction of oil production between Russia and the Organization of Petroleum Exporting Countries (OPEC) fell through and Riyadh offered discounted oil to certain Western states. Oil prices, already historically low, plummeted to prices not seen in decades, with West Texas Intermediate selling for $21.38 a barrel and Brent Crude for $24.74 on Wednesday.

With travel and economies grinding to a halt amid the COVID-19 pandemic, oil supplies are in excess, even as the US buys up huge quantities to refill its strategic reserve.

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Sourse: sputniknews.com

Trump: Russia, Saudi Arabia Will Likely Settle Differences, Make a Deal on Oil Production

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