CNBC report
CNBC's Joe Kernan says he just received a call from the President and he told him that he expects the Saudis and Russians to announce a production cut of 10-15 million barrels per day. That would be around half of their production.
"I just received a call from the President and he said he spoke to Putin yesterday and MBS today and he expects them to announce a cut of 10 mbpd, perhaps 15 million. It could be as high as 15 million. I assume he's going to come out in some fashion with an announcement or tweet of some sort."
"Let's watch for the tweets."
Now the tweet is out:
That paid for a lifetime of paying for CNBC.
The one assumption here is that we're talking about 10 million barrels per day. The thing is, that's an extreme cut for Saudi Arabia, which produces around 12 million barrels per day and Russia at about 11 million barrels per day.
