Trump says oil prices, demand rising

  • 04:36 06 May 2020

Trump says oil prices, demand rising

US President Donald Trump believes that oil prices are rising as demand has resumed, APA reports citing TASS.

"Oil prices moving up nicely as demand begins again!" he tweeted on Tuesday.

OPEC+ countries finalized the agreement on crude output reduction during an extraordinary online meeting on April 12 in a move to stabilize the situation on the oil market. It expires at the end of April 2022, but is divided into several stages. The first implies reduction of output by 23 countries in May-June by 9.7 mln barrels per day. Russia and Saudi Arabia have the biggest reduction quotas - by 2.5 mln barrels per day, or by 23%, to 8.5 mln barrels per day. The total quota will decrease to 7.7 mln barrels per day starting July 2020, and to 5.8 mln barrels per day starting 2021.

The agreement came into force on May 1.

Faig Mahmudov