Oil producer group OPEC and its partners will reportedly hold an emergency virtual meeting on Monday.
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Less than 30 minutes after his first tweet, Trump then suggested the deal "could be as high" as 15 million barrels. This would be "great news for everyone!" he added.to the time frame of the cuts. Additionally, it was not clear how the cuts would be distributed across oil-producing countries. The U.S. president claimed via Twitter on Thursday that he had spoken with "his friend," Saudi Crown Prince Mohammed bin Salman, who in turn had spoken with Russian President Vladimir Putin, and he hoped they would both orchestrate an output cut.
Analysts have told CNBC that for OPEC+ to agree to a meaningful production cut, the U.S. would most likely have to give up something in return. The restrictions have created an unprecedented demand shock in energy markets, just as a price war broke out between powerhouse producers Saudi Arabia and Russia.
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