In his tweet, Trump attributed the drop to the differences over oil prices and supplies between Saudi Arabia and Russia, as well as false news.
“Saudi Arabia and Russia are arguing over oil prices and supplies. That, along with false news, is the reason for the market’s downturn,” Trump wrote on Twitter.
Money markets around the world recorded a decline on Monday, and the Gulf markets suffered major losses for the next day in a row against the backdrop of the collapse of oil prices in the midst of a “price war” that the Kingdom started after the failure of the oil countries to reach an agreement to continue to reduce production.
The US stock exchange suspended trading on Monday, after severe losses due to lower oil prices, not to mention the effects of the Corona virus, which created a situation of instability in investment trends.
The Organization of Petroleum Exporting Countries (OPEC) has proposed to Moscow and its nine other partners an additional collective reduction of 1.5 million barrels per day so that the spread of Corona does not undermine what was reached in 2017 to maintain stable prices in a market with a surplus in production, but Russia refused.
In response to the Russian position, Saudi Arabia launched a “price war”, on Saturday, reducing the price of oil put up for sale to its lowest level in 20 years, in an attempt to secure a large market share.
The Kingdom reduced the price of selling crude oil for April to Asian customers by about six dollars per barrel compared to March and seven dollars for the United States, and between six to eight dollars for Western Europe and the Mediterranean region, where Russia sells a large part of its oil production.