(UnitedVoice.com) – President Trump had a huge win over the weekend. He helped broker a historical oil deal, saving hundreds of thousands of energy jobs in the US.
Earlier this year, Saudi Arabia threatened to raise oil production by up to 10 million barrels a day in retaliation over a collapsed deal between OPEC and Russia. The oil war between the two countries threatened to worsen the already crippled economy by flooding the markets.
In an effort to ease tensions and help save American oil-producing companies, President Trump worked with the world leaders, implementing one of the largest oil production cuts in history.
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!
— Donald J. Trump (@realDonaldTrump) April 12, 2020
While this historical deal is good news for both the oil industry and consumers, many analysts believe it may have come “a little too late.” They believe price wars between Russia and Saudi Arabia have already caused too much damage.
With world economies continuing to be held hostage by the coronavirus outbreak, analysts believe the things will only get worse as oil demands around the globe continue to fall.
Copyright 2020, UnitedVoice.com