US producers have already cut back oil production ahead of OPEC+ meeting: Trump

US President Donald Trump reacts as he addresses the daily coronavirus task force briefing at the White House in Washington, US. (Reuters)

US President Donald Trump said on Wednesday US oil producers have already cut production and he had many options if Saudi Arabia and Russia do not reduce their output when they and other exporters meet on Thursday.

“Look, we already cut,” Trump told reporters when asked if the United States would consider a coordinated production cut.

“I think they’ll straighten it out. A lot of progress has been made over the last week and it’ll be interesting to see what comes out of OPEC tomorrow,” he added, referring to a video meeting of OPEC+, which includes the Organization of the Petroleum Exporting Countries, Russia, and others, on Thursday.

Read more: Global market flooded with crude oil ahead of OPEC, G20 talks

The world’s top oil producers Saudi Arabia, Russia, and the US still seemed at odds on Wednesday before this week’s meetings on potentially big output cuts to shore up crude prices that have been hammered by the coronavirus crisis.

Saudi Arabia and Russia, which fell out when a previous pact on curbing supplies collapsed in March, have signaled they could agree deep cuts to crude output but only if the US and others outside a group known as OPEC+ joined in.

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