US President Donald Trump confessed that joint efforts of the US alongside key oil exporters had brought the oil market back to balance. Nevertheless, the US leader highlights that the global energy market owes a steady bullish trend to his personal mediation between Saudi Arabia and Russia.
Donald Trump took the lead in the negotiations between the rivals who were engaged in the brief oil price war. It was the US President who orchestrated the online conference between his counterpart Vladimir Putin and Crown Prince of Saudi Arabia Mohammed bin Salman bin Abdulaziz al-Saud. As a result, they agreed on deep oil production cuts. In another move, Donald Trump also urged Mexico to join a new OPEC+ pact. Certainly, the US President forged ahead with this rescue operation with an eye on the interests of the US energy sector. Amid the fierce presidential race, the US leader always finds an excuse to underscore his contribution to stability in the global oil market. Besides, he does not forget to pay tribute to Saudi Arabia, Russia, and Mexico.
The oil price war ended with a new OPEC+ pact. The major oil exporters decided to slash output rates by 8.2 million barrels per day from August until December 2020. In the long-term prospect, the cartel and its allies will ease oil production cuts to 5.8 million bpd.
