President Donald Trump vowed today to do whatever necessary to protect the US energy sector, including potentially imposing tariffs on oil imports.
"I am a big believer in our great energy business, and we are going to take care of our energy business," Trump said in a press conference.
Trump raised the prospect of imposing tariffs on foreign oil if needed to safeguard US energy jobs. "I will do whatever I have to do."
Trump yesterday said he would consider raising tariffs "if we are not treated fairly." He has warned the US may need to consider a "tough" option if Saudi Arabia and Russia are unable to reach an agreement to cut oil production.
Opec and its non-Opec allies today postponed an emergency meeting with other producing countries to 9 April from 6 April, after a dispute intensified between Saudi Arabia and Russia over who is to blame for the recent collapse in oil prices.
The breakdown of co-operation between the 23-country Opec+ coalition — coupled with the reduction in global oil demand as a result of the coronavirus pandemic — has seen oil prices fall by around one third in just a month.
Russian president Vladimir Putin said yesterday that the talks should consider a collective production cut of around 10mn b/d from first quarter output levels.
Saudi crown prince Mohammad bin Salman has indicated a production cut likely would be more than that, Trump said.
"I do not care about Opec," Trump said. But he expressed concern about the toll low oil prices are having on US jobs.
And he reiterated his expectation that Russia and Saudi Arabia will resolve their differences. "You know why? Because they are going to be destroyed," Trump said. "They are destroying themselves and they know it."
