Oil glut is 'too big to solve' with OPEC+ cuts: Rapidan Energy Group
President Donald Trump said oil-producing countries agreed to cut output by about 20 million barrels per day, portraying the figure as double the publicly reported reduction in a pair of tweets.
Trump thanked Russia and Saudi Arabia for resolving a month-long price war that has slashed gasoline prices at the pump for U.S. consumers but hurt the American shale drilling industry.
It wasn’t immediately clear where Trump got his figure.
The OPEC+ alliance has publicly agreed to cut 9.7 million barrels a day -- just below an initial proposal of 10 million. Production declines due to the effects of low prices in the U.S., Brazil and Canada will also be counted toward the deal, deepening the global supply reduction by 3.7 million barrels a day. Other G-20 states were expected to contribute 1.3 million.