US President Donald Trump said on Tuesday he was ready to help resolve an escalating oil price war between Russia and Saudi Arabia that has helped push crude benchmarks to 17-year lows.
The threat of a global recession triggered by the coronavirus pandemic had already hammered prices when
Riyadh said last month it would raise exports after a production-cut agreement among top producers flopped in early March.
On Monday, Saudi Arabia said it would increase exports further to a record 10.6 million barrels per day from May, deepening a global supply glut as crude recorded its biggest monthly and quarterly price plunges in history.
Trump said he had spoken with his Russian counterpart Vladimir Putin and Saudi Crown Prince Mohammed Bin Salman by phone with the aim of halting the slide.
