July 24
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US President Donald Trump said that OPEC did not ask him to convince US oil producers to cut production to support world prices amid the coronavirus pandemic, Reuters reported

According to him, the prices have already fallen. “I think it’s happening automatically but nobody’s asked me that question yet so we’ll see what happens,” the president told a press briefing Monday afternoon.

Leading oil producers, including Saudi Arabia and Russia, are likely to agree to cut production at a meeting on Thursday, but only if the US joins these efforts, three sources told Reuters. “Without the U.S., no deal,” one of the sources said.

Global oil demand fell by almost 30%, or about 30 million barrels per day, as the coronavirus pandemic has halted the global economy, while Saudi Arabia and Russia began to struggle for market share.

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