Trump says Saudi Arabian, Russian leaders both want to stabilize oil market

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US President Donald Trump said on Friday Saudi Arabian Crown Prince Mohammed bin Salman and Russian President Vladimir Putin both want something to happen to stabilize the global oil market, where prices have fallen by about two-thirds this year.

At a White House roundtable discussion with U.S. oil company executives, Trump said the meeting would address the impact of coronavirus on the oil industry.

“We’ll work this out and we’ll get our energy business back,” he said.

OPEC has begun to prepare for meetings to take place within the OPEC+ framework, with talks potentially happening next week, Russian state news agency TASS reported sources as saying on Friday.

Saudi Arabia unexpectedly called an urgent meeting of oil exporters on Thursday after US President Donald Trump revived slumping oil prices with a tweet saying he expected the Kingdom and Russia to cut production by 10-15 million barrels per day.

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