The oil war going on

The oil war that took place between Russia and Saudi Arabia made the United States (US) hit hard. US President Donald Trump even called Russia and Saudi Arabia crazy because of their oil fight.

In an interview with Fox television, Trump said he objected to an oil price war between Russia and Saudi Arabia. "It's costing the US energy industry a lot. It's a fight between Saudi Arabia and Russia, and they're both going crazy," he said.
Shortly after, Trump reportedly called Russian President Vladimir Putin directly. In the conversation, the two of them discussed several things, including the issue of oil prices.
In a press statement, the White House stressed the importance of oil price stability in global energy markets. Trump also said he would review sanctions previously imposed on Russia, which were previously imposed on a number of companies from the White Bear country.
The oil price war between Russia and Saudi Arabia is expected to last a long time. Citing AFP, Saudi Arabia announced it would increase its oil exports to 10.6 million barrels per day from May.
"The kingdom plans to increase oil exports by 600,000 bpd from May, bringing total exports to 10.6 million bpd," a Saudi ministry official said.
Saudi Arabia does not want to stop boosting its oil exports, making it a major oil exporter. Their exports initially took effect in April, then added again for May.
The additional total since they announced the plan now stands at 3.6 million barrels per day. This is a very significant figure considering the current global market conditions and the decline in world oil prices.
World oil prices are facing a tough test. Citing Reuters, world oil prices are now at their lowest level since 2002. It fell nearly 8%, triggered by the shutdown or lockdown of several countries. This policy is expected to continue in the next few months.
Brent oil is now at US $ 22.5 per barrel, down 65% this year. The decline in oil prices also hit several state currencies such as the Russian ruble, Mexican peso and Indonesian rupiah by up to 2%.