Trump administration officials are trying to thread a diplomatic needle, potentially giving foreign rivals the signal they want, even without government mandates
WASHINGTON—U.S. production of crude oil will fall 13% by year’s end, according to a government forecast Tuesday—numbers the White House hopes to use to convince Saudi Arabia and Russia to end their price war, a senior administration official said.
Saudi Arabia, in a dispute with Russia, has worsened a global oil glut by ramping up production at a time when demand has dropped because of the coronavirus pandemic. Both countries have said privately they are open to reducing production only if the U.S. also agrees to mandate cutbacks.
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