“Saudi Arabia and Russia differ on the prices and volume of oil pumping, this is in addition to the false news that is causing the market to decline,” Trump said in a tweet on his official Twitter page.
Oil prices in the United States of America fell by as much as 27%, at their lowest levels in 4 years, to a price of $ 30 a barrel.
The kingdom had reduced its oil prices by between 6 and 8 dollars, in what appears to be a war to break prices with a view to ensuring Riyadh’s market share, after the failure of the agreement between OPEC and Russia.
OPEC had asked Moscow to reduce its oil production to stop the decline in prices with the decline in demand due to the outbreak of the new Corona virus around the world, but Russia refused this, which prevented reaching an agreement between the two parties.
America’s shale oil producers have suffered a blow by the Russian move, as this industry needs higher oil prices to survive.
The oil market, which is experiencing difficult conditions due to Corona, has deteriorated during the past few days after the failure of the agreement between Russia and OPEC, as the price of Brent crude reached 35 dollars, or a decrease of 22%.