Oil & Gas 360 PRwire


Oil & Gas 360 Publishers Note: As we covered on the 360 Digital Closing Bell, President Trump gave a hint about this on his Thursday’s Corona -19 press conference, and then followed through with his Friday morning tweet that affected the markets.

President Donald Trump on Friday met with the chiefs of major oil companies and vowed that the U.S. energy sector will revive and he reiterated he saw a Russia-Saudi Arabia deal over oil production in the offing.

Trump Today: Trump vows U.S. energy sector will come back as he sees Russia-Saudi oil agreement-oilandgas360“We’ll work this out and we’ll get our energy business back,” Trump said at a White House roundtable with the heads of Exxon Mobil
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,
Chevron
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,
Occidental Petroleum
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+1.80%

and other major oil companies.

At a briefing later Friday, Trump announced he is making space available in the Strategic Petroleum Reserve to let American producers store surplus oil that can be sold at a later time.

Trump also said he discussed the idea of tariffs on imported oil.

Harold Hamm, executive chairman of Continental Resources Inc, a fracking company, has called for the White House to put tariffs on oil imports from Saudi and Russia, according to the Wall Street Journal.

Friday, oil prices extended their Thursday rally on growing expectations that major oil producers will strike a deal to significantly cut production levels, as efforts to slow the spread of the COVID-19 pandemic restricts travel and trade and hurts energy demand. U.S. oil prices
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climbed by nearly 32% for the week.

Trump told the executives that President Vladimir Putin of Russia and Saudi Crown Prince Mohammed bin Salman are seeking to make a deal on oil output.

“President Putin and the Crown Prince want something to happen badly,” Trump said, reiterating that he has spoken with both leaders.

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