Trump: OPEC and allies planning to cut ‘20 million barrels a day, not the 10 million’

U.S. President Donald Trump tweeted on Monday that a historic weekend agreement struck between OPEC and some of the biggest oil producers on the planet could be more substantial than what has been already revealed.

Trump suggested that a global output cut by 9.7 million barrels a day struck by the Organization of the Petroleum Exporting Countries, Russia, and the U.S. could be doubled to 20 million barrels a day.

The suggested figure would be closer to what commodity experts say is required to sop up excess crude swirling in the market and address a shock to demand caused by the coronavirus pandemic.

OPEC and its oil producing allies OPEC+ finalised on Sunday a historic agreement on oil production cut by 9.7 million barrels per day, which could be the single largest output cut in history.

The weekend deal has put an end to a month-long price war between Saudi Arabia and Russia that flooded the world with unneeded crude and amplified a meltdown in oil prices. Yet, according to critics, this would only go partway toward stabilising oil prices, which have seen a double-whammy from the Saudi-Russian price war and the pandemic.