Trump To Intervene In Russia-Saudi Price War At "Appropriate Time" After Crude Hit $20 | WHAT REALLY HAPPENED

Trump To Intervene In Russia-Saudi Price War At "Appropriate Time" After Crude Hit $20

As Congressional voices and US oil companies have grown louder in urging President Trump to mount a muscular pushback against the Russians and Saudis flooding the market following their spat early this month that triggered an ongoing oil-price war — which lately witness crude falling to $20 yesterday — the administration has said it plans to get involved at "the appropriate time" and hopes to find a "middle ground". Trump said Thursday at a White House briefing: "They are in a fight on price, on output," and indicated that "At the appropriate time I will get involved."

Early this month the Saudis were caught completely off-guard when Putin said Russia would ignore Riyadh and OPEC+ plans to significantly cut production, effectively and dramatically overturning the balance of power in the oil world while declaring war on US shale, sending crude prices crashing and leaving dozens of American producers teetering on bankruptcy.

The WSJ reports Thursday that the White House could be ready to jump into the fray: "The administration is considering intervening in the Saudi-Russian oil-price war with a diplomatic push to get the Saudis to cut oil production and threats of sanctions on Russia aimed at stabilizing markets, according to people familiar with the matter."

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