US not negotiating with Saudi Arabia, Russia; wants them to reach oil deal: source

The White House is not negotiating with Saudi Arabia or Russia over a deal to cut oil production, and wants the two parties to come to a deal among themselves, US Energy Secretary Dan Brouillette told industry executives on Friday, according to a source who listened to the call.

US President Donald Trump met with executives from major oil companies on Friday, and Brouillette spoke with the broader industry after that. He said the White House is encouraging Russia and Saudi Arabia to come to a deal, saying Trump was optimistic a deal could be reached in a few days.

Oil demand has slumped dramatically in recent weeks as the coronavirus pandemic has worsened. Oil prices have dropped sharply as the industry faces a 30 per cent decline in global fuel demand.

ET energy world
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