Trump Meets Energy Firms, Says "Both Russia and Saudi Arabia Want Stability in the International Oil Market"

Meeting with Executives of US Energy Companies Including ExxonMobil and Chevron

[Image source=Yonhap News]

[Asia Economy Reporter Jang Sehee] On the 3rd (local time), U.S. President Donald Trump stated that both Saudi Arabia and Russia want market stability amid the ongoing oil market instability caused by the sharp fluctuations in international oil prices.

According to Reuters and the White House press pool, President Trump said at a roundtable meeting with CEOs of U.S. energy companies at the White House that both Crown Prince Mohammed bin Salman of Saudi Arabia and Russian President Vladimir Putin want something to happen that can stabilize the global oil market.

President Trump said he had spoken with President Putin and Crown Prince bin Salman about oil production, adding, "We will solve this and take back our energy business."

According to Bloomberg, the CEOs of the largest U.S. refining and oil production companies met on the same day to discuss potential relief measures the administration could take, including possible production cuts in the U.S.

International oil prices have been repeatedly plunging and surging due to the sharp drop in crude oil demand caused by the COVID-19 pandemic and the 'oil price war' between Russia and Saudi Arabia.

The two countries failed to reach an agreement on oil production cuts last month and initiated an oil price war by announcing price reductions and production increases. As market instability grew, President Trump intervened by calling the leaders of both countries to mediate, creating an atmosphere seeking compromise.

Regarding international crude oil supply and demand, on the 6th, OPEC+ (a coalition of OPEC and 10 oil-producing countries including Russia) is scheduled to hold a video conference to stabilize oil prices.

Meanwhile, executives from major energy companies such as ExxonMobil, Chevron, and Occidental attended the meeting on the same day.