WASHINGTON - US President Donald Trump and Russian President Vladimir Putin agreed during a phone call on Monday to have their top energy officials discuss slumping global oil markets, the Kremlin said, as Trump called Russia's price war with Saudi Arabia"crazy."
"Opinions on the current state of global oil markets were exchanged. It was agreed there would be Russo-American consultations about this through the ministers of energy," the Kremlin said in a readout of the call. Shortly before Monday's phone call, Trump said Saudi Arabia and Russia"both went crazy" in their oil-price war and that"I never thought I'd be saying that maybe we have to have an oil increase, because we do."
Goldman Sachs analysts said that oil demand from commuters and airlines, which account for about 16 million barrels per day of global consumption, may never return to their previous levels. After Washington imposed sanctions on two units of Russia's largest oil producer Rosneft in Venezuela, the company said on Saturday it had sold the assets to an unnamed company owned by the Russian government.