Trump To Meet With US Oil Executives Friday On Federal Measures To Help Industry - Reports

Muhammad Irfan Published April 02, 2020 | 01:10 AM

WASHINGTON (UrduPoint News / Sputnik - 02nd April, 2020) President Donald Trump will meet with executives of large US oil companies on Friday to discuss possible Federal measures to help the industry make it through the current market crisis, the Wall Street Journal reported on Wednesday citing people familiar with the matter.

ExxonMobil Chief Executive Darren Woods, Chevron Chief Executive Mike Wirth, Occidental Petroleum Chief Executive Vicki Hollub and Continental Resources Chief Executive Harold Hamm will be present at the meeting, the report said.

On April 1, the OPEC+ agreement on reducing oil production expired as Russia and Saudi Arabia failed to come to mutually acceptable terms for a new deal in early March.

As the countries throughout the world institute quarantines to prevent the spread of the novel coronavirus (COVID-19), the global economy is slowing down that reduces the need for energy and oil products and is thus lowering oil prices.

The recent OPEC+ talks were meant to work out a response from the oil producers but failed due to the sides disagreeing on a mutually acceptable strategy.

On Tuesday, Trump said the United States may soon join Russia and Saudi Arabia in consultations about oil prices. The US president said he recently had "great talks" about oil prices with Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman.