President Trump Says Oil Deal ‘Will Save Hundreds of Thousands of Energy Jobs in the United States’

OPEC, Russia, and other oil producing nations agreed today to cut output by a record amount, representing around 10% of global supply, to support oil prices amid the Coronavirus pandemic.

The group, known as OPEC+, agreed to reduce output by 9.7 million barrels per day (bpd) for May-June, after four days of marathon talks and following pressure from President Trump to arrest the price decline.

Trump tweeted out thanks to Russia and Saudi Arabia on the deal and said that it “will save hundreds of thousands of jobs in the United States.”

The big Oil Deal with OPEC Plus is done. This will save hundreds of thousands of energy jobs in the United States. I would like to thank and congratulate President Putin of Russia and King Salman of Saudi Arabia. I just spoke to them from the Oval Office. Great deal for all!

The big Oil Deal with OPEC Plus is done. This will save hundreds of thousands of energy jobs in the United States. I would like to thank and congratulate President Putin of Russia and King Salman of Saudi Arabia. I just spoke to them from the Oval Office. Great deal for all!

— Donald J. Trump (@realDonaldTrump) April 12, 2020

Suhail Mohamed AlMazrouei, UAE’s Minister Of Energy & Industry, tweeted out that his country was “committed to reducing production from its current production level.”

As a reliable supplier, and in line with the OPEC+ agreement, the UAE is committed to reducing production from its current production level of 4.1 mbopd.

As a reliable supplier, and in line with the OPEC+ agreement, the UAE is committed to reducing production from its current production level of 4.1 mbopd.

— سهيل المزروعي (@HESuhail) April 12, 2020

He also tweeted out a picture of the teleconference of the OPEC+ meeting yesterday, thanking Saudi Arabia for calling the meeting.

During UAE participation at the #OPEC+ meeting Thanks to Saudi Arabia who called for the meeting The group decision to cut supply will be the largest ever cut in the history which will help balancing the Oil Supply and Demand, while the world is united to fight Covid-19

During UAE participation at the #OPEC+ meeting

Thanks to Saudi Arabia who called for the meeting

The group decision to cut supply will be the largest ever cut in the history which will help balancing the Oil Supply and Demand, while the world is united to fight Covid-19 pic.twitter.com/m45ZVYDE9Z

— سهيل المزروعي (@HESuhail) April 11, 2020

Dow Jones futures are not yet trading, along with S&P 500 futures and Nasdaq futures, with investors weighing some hopeful Coronavirus news and the finalized deal, the rally is likely to continue.