US Pres. Trump: Oil price drop is very short term, a lot of people got caught

US Pres Trump: Asked if he would like OPEC+ nations to make more cuts, states we have already done that.

Key comments

• Oil producers need to do more by the market in terms of production cuts.
• Oil price drop is very short term, a lot of people got caught.
• Negative oil prices reflect financial, not oil situation.
• Calls oil plunge largely a financial squeeze.
• Will either ask permission from congress to buy oil or we will store it.
• We will look into idea to stop Saudi oil shipments.

More to come...