World News

Trump will protect U.S. oil but can’t dictate production: Kudlow

WASHINGTON (Reuters) – President Donald Trump will fight international efforts to collude in energy markets that could impact U.S. energy producers, but the administration cannot dictate decisions on oil production to American companies, a White House adviser said on Friday.

White House economic adviser Larry Kudlow, speaking in an interview on Bloomberg Television, also said he sees no reason why Trump’s talks with Saudi Arabia and Russia on oil will not “bear fruit” amid the potential for a new global deal between OPEC and its allies to cut global crude supply.

Asked if U.S. oil companies would be included in any production cuts, Kudlow said: “We don’t dictate oil policies to our oil and gas sectors.”

“I think… oil companies, seeing a decline in price are going to pull back on production. That’s just common sense,” he added, speaking ahead of Trump’s scheduled meeting with oil company executives at the White House later on Friday.

Asked about the administration’s time spent on the oil issue amid the ongoing coronavirus outbreak, Kudlow defended Trump’s efforts.

“Any collusion attempts by other countries in of or out of OPEC that seem to be doing damage to American interests is something that President Trump will get engaged in right away to protect the American economy,” he said.

(Reporting by Susan Heavey and Tim Ahmann; Editing by Chizu Nomiyama and Dan Grebler)