Saudi Arabia’s King Salman, U.S. President Donald Trump, and Russia’s President Vladimir Putin expressed their “great satisfaction” on the outcome of the OPEC+ meeting during a conference call, Saudi Press Agency (SPA) reported on Sunday.
“The big Oil Deal with OPEC Plus is done. This will save hundreds of thousands of energy jobs in the United States. I would like to thank and congratulate President Putin of Russia and King Salman of Saudi Arabia. I just spoke to them from the Oval Office. Great deal for all!”, President Donald Trump posted on Twitter.
In a separate phone call between Donald Trump and the Crown Prince of Saudi Arabia Mohammed bin Salman, they welcomed the outcome of the meeting to cut oil output amid virus outbreak. The outcome of OPEC+ meeting will enhance the growth of the global economy.
Earlier on Sunday, the Organization of Petroleum Exporting Countries and allies led by Russia, agreed to cut oil output by a record amount to support oil prices amid virus outbreak. It represents a 10% oil output of global supply.
Oil prices have gone down drastically this year as most of the movement of the world economies decelerated, lowering demand for oil. By reducing excess supply, it is hoped that oil prices in the world market would rise to a level where producers would not be at a losing end.