September 29
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The Trump's administration believes that leading oil producers, such as Saudi Arabia and Russia, will keep their promises to reduce production and will not harm the global economy by changing course, Reuters reported referring to a senior US official.

“We trust that other major oil producers will not revert to policies that impede an orderly and swift recovery from these unprecedented global economic conditions,” a senior administration official told Reuters in response to a question about the administration’s approach to global oil producers ahead of the OPEC+ meeting expected to take place on Thursday.

OPEC and Russia are approaching a compromise on how much the current agreement on a record reduction in oil production can be extended, and now they are discussing a proposal to extend the restrictions for one to two months, two sources at OPEC + told Reuters on Monday.

While the situation is now less tense than in April, when Saudi Arabia and Russia boosted their production as part of the struggle for market share in the midst of the COVID-19 pandemic, US President Donald Trump is still in talks.

The Kremlin said Monday that Russian President Vladimir Putin and Trump discussed the state of the oil market during the phone talks.

A decrease in OPEC + production combined with a record decline in production in non-group countries such as the US helped to raise world oil prices to $ 40 per barrel, although they are still well below the January level near $ 64.

A source in the oil industry, who had contact with US Energy Secretary Dan Brouillette, said the Energy Department is keeping a patient, but closely monitoring the situation.

“There was a time when the administration wanted an OPEC+ deal at any cost and now it kind of seems more like they are letting it play out,” the industry source said.

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