US To Get Involved In Oil Price War At Appropriate Time - Trump


US to Get Involved in Oil Price War at Appropriate Time - Trump

WASHINGTON (UrduPoint News / Sputnik - 19th March, 2020) The United States at an appropriate time will interfere in the oil price fight between Russia and Saudi Arabia which is turning devastating for both of them, US President Donald Trump said on Thursday.

"It's very devastating to Russia, because their whole economy is based on that and we have the lowest oil prices in decades. I would say it's very bad for Saudi Arabia.

They are in a fight on price, on output," Trump told reporters at a White House briefing. "At the appropriate time I will get involved."

He added that the US has much leverage over the situation.

"I spoke with numerous people... and we have a lot of power over the situation. We are trying to find some kind of a medium ground," Trump said.

In the United States lower prices hurt local oil producers but are mostly beneficial for the rest by drastically reducing energy costs, Trump added.