Energy Secretary Dan Brouillette said Monday he's spoken with his counterparts in Saudi Arabia and Russia, and he believes the countries will agree to cut oil output and end their standoff later this week.
"They are going to get together later this week and hopefully end this disagreement that started perhaps two or three weeks ago," Brouillette told Fox Business' Maria Bartiromo, adding that he believes the nations will agree on oil production cuts of between 10% to 15% of global oil supply.
Producers from OPEC+ and beyond were to have met on Monday, but the meeting is now tentatively scheduled for Thursday. Saudi Arabia and Russia both want the United States, which is now the world's largest oil producer, to join in output cuts.
However, President Donald Trump on Saturday he would impose tariffs on crude imports if necessary to protect U.S. energy workers after a crash in oil prices coming from the market battle between the two countries.
Brouillette said Monday Trump has directed him to look for additional storage capacities throughout the United States, either commercially or available through the government, and to buy up more oil.
"We are authorized as part of the Strategic Petroleum Reserve to reserve up to 1 billion barrels of oil," said Brouillette. "We're going to work with Congress. We're going to continue the conversation on the hill and pursue this opportunity because it's just a great opportunity for the taxpayer right at the moment. Oil prices being where they are, it's a great time to fill the petroleum reserve."
Sandy Fitzgerald ✉
Sandy Fitzgerald has more than three decades in journalism and serves as a general assignment writer for Newsmax covering news, media, and politics.
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