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U.S. President Donald Trump said he is very close to “doing something” with China ahead of his planned meeting with Chinese President Xi Jinping at the G20 Summit. “I think we’re very close to doing something with China, but I don’t know that I want to do it, because what we have right now is billions and billions of dollars coming into the United States in the form of tariffs or taxes,” Trump told reporters as he departed the White House to travel to the summit. “I really don’t know, but I will tell you that I think China wants to make a deal. I’m open to making a deal, but frankly, I like the deal we have right now,” he added.

Meanwhile, U.S. President Donald Trump on Thursday had cancelled a planned meeting with Russian President Vladimir Putin in Argentina due to the ongoing crisis in Ukraine. “Based on the facts that the ships and sailors have not been returned to Ukraine from Russia, I have decided it would be best for all parties concerns to cancel my previously scheduled meeting in Argentina with President Vladimir Putin. I look forward to a meaningful Summit again as soon as this situation is resolved!” Trump tweeted. 

The Russian Energy Ministry was reportedly to have held a meeting with the heads of domestic oil producers on Tuesday. “The idea at the meeting was that Russia needs to reduce (production). The key question is how quickly and by how much. Most people agreed that we cannot reduce immediately, it needs to be a gradual process like last time,” a source reportedly who is familiar with the talks between Russian oil firms and the ministry told a news agency. The Energy Ministry had declined to comment. 

The U.S. Energy Information Administration said on Thursday that U.S. crude reserves increased 6.4 billion barrels, or 19.5 pct, to 39.2 billion barrels at the end of 2017, a new record high and just slightly above the previous record of 39 billion barrels set in 1970. “Total U.S. oil reserves in 2017 exceeded a brief, one-year, 47-year old record, highlighting the importance of crude oil development in shales and low permeability plays, mainly in the Southwest,” the EIA said.


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