Trump doubles down on ‘hopes’ that Russia & Saudi Arabia will agree on oil production cut after Kremlin denies talks

Upping the ante on his expectations but not ready to offer concessions, US President Donald Trump said it “would be great” if Saudi Arabia and Russia reached a deal on cutting oil production “soon” to stabilize the global market.

“It would be great for Russia, it would be great for Saudi Arabia… hopefully they announce something soon,” Trump told reporters at the White House. “I hope they can make a deal, they both want to make a deal.”

Reiterating that he expects an oil output cut of 15 million barrels per day, Trump said he spoke personally with both Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman – but emphasized he did not discuss or make any concessions on US domestic production.

Apparently facing increased pressure from Trump, Saudi Arabia on Thursday called for an emergency meeting between the Organization of the Petroleum Exporting Countries and non-OPEC states.

However, asked about the supposed direct talks between Putin and the Saudi crown prince, Kremlin spokesman Dmitry Peskov said “No, there was no such conversation.” Oil negotiations between the two nations have stalled ever since strife erupted among Russia and OPEC member states earlier in March, widely described as an oil price war waged by Moscow and Riyadh.

Oil prices soared on Trump’s words, with US West Texas Intermediate futures jumping as much as 35 percent, before closing up almost 25 percent (the biggest single-day advance ever). Brent crude skyrocketed as much as 47 percent, which is the global benchmark’s largest surge in intraday trading.

Brent crude is trading higher on Friday at $31 per barrel and while WTI is above $25 a barrel.

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