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Trump, Putin, and the Saudi Crown Prince are squabbling about how to fix the oil markets.



Saudi Arabia and Russia are attempting to rein in out-of-control oil production as oil prices plummet to $22. In this case, President Trump claims he is considering tariffs to hike oil prices. He's also speaking with Russian President Vladimir Putin and Saudi Arabia's Crown Prince Mohammed bin Salman in an attempt to stem the slide in oil prices.The United States wants to defend its oil business, which requires a higher price to make a profit. One option for the United States to do this is to use its own oil to support the domestic oil industry rather than importing foreign oil. Another option is for President Trump to persuade Saudi Arabia and Russia to reduce oil output and achieve an agreement on global oil supply.


Both Russia and Saudi Arabia misjudged the effects of the coronavirus health crisis on the global economy and demand in the early weeks. Because of low oil prices, Russia relies on oil exports for one-third of its budget, while Saudi Arabia has had to reduce 30% of its budget for ministries, putting both countries in a difficult position.



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