NEW DELHI : After crashing to the lowest level since 2002, global oil prices rose on Thursday following US President Donald Trump’s tweet on the likelihood of a production cut of 10-15 million barrels per day (mbpd) by Saudi Arabia and Russia.
The international benchmark Brent hit $32.86 per barrel on Thursday, and was trading at $28.57 per barrel. The West Texas Intermediate also rose and was trading at $24.73 per barrel. Oil prices had touched an all-time high of $147 per barrel in July 2008.
“Just spoke to my friend MBS (Crown Prince) of Saudi Arabia, who spoke with President Putin of Russia, and I expect and hope that they will be cutting back approximately 10 Million Barrels, and maybe substantially more which, if it happens, will be GREAT for the oil and gas industry!” Trump said in a tweet.
