Trump made the introduction of duties on foreign oil, if Russia and Saudi Arabia agree

USA is ready to impose tariffs on imported oil, if Russia and Saudi Arabia have reached agreement about the production to stabilize the situation on the market. The President of the United States Donald trump said on 5 April at a press briefing at the White house, told television channel CNBC.

“I would use my duty, if I had to. I don’t think I’ll have to,” he said.

Trump believes that Russia and Saudi Arabia will eventually sign the agreement.

Disagreement about the reduction of production between these countries and the demand for raw materials due to pandemic coronavirus led to the collapse of oil prices in March. On 30 March the price of Brent crude oil fell below $23 a barrel.

“This is obviously very bad for them”, – said trump, commenting on the low price of oil.

Last week the US President said he expects to reduce oil production by 15 million barrels per day. During a telephone conversation, Russian President Vladimir Putin, according to trump, expressed hope that the parties fail to agree on reducing oil production by 10 million barrels.

“I think they’re going to handle this. You know why? Because they will be destroyed. They will destroy themselves if they do not agree. A large part of economic well-being of Russia depends on oil, and [the price of] oil is at a record low level. No one has ever seen anything like it… And it’s not in their favor. Obviously, it is in the interests of Saudi Arabia,” – quoted trump, the press service of the White house.

He noted that he will be ready to introduce a duty to save “thousands, tens of thousands” of jobs in the energy sector of the United States.

The trump criticized the activities of the Organization of countries – exporters of oil and called it a monopoly.

“I was against OPEC over the years, because I think it is very unfair to our country,” – said the President of the United States.

As at 9.40 6 April Brent on London exchange is trading at $33,4 per barrel.

March 6, OPEC and allies of the cartel (including Russia) were able to agree on the extension of the agreement on the limitation of oil production from April 1, the transaction is terminated. This provoked a record drop in raw material prices.

April 6 was to be held a web conference of energy Ministers of the countries – oil producers regarding a new agreement, but it was postponed to April 9 due to correspondence skirmish between Putin and the foreign Minister of Saudi Arabia Faisal bin Farhan al Saud. The Russian President accused Saudi Arabia to exit OPEC+ reduction of oil production, in response to Riyadh said that the words of the Russian head of state “devoid of truth”.

Russian media reported in March that Russia withdrew from the deal , hoping to cause damage to American producers of shale oil.