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Trump Meets With Bosses of Major Oil Companies

US President Donald Trump has scheduled a meeting on Friday with the top executives of oil groups such as Chevron, ExxonMobil, Continental Resources and Occidental Petroleum.


That reports news organization Dow Jones based on sources. The White House talks would be about the price war in the oil sector.

Oil prices have been under pressure for some time due to disagreements between major oil producers Russia and Saudi Arabia.

The Saudis want Russia, formerly an ally to the OPEC oil cartel, to agree to further cuts in oil production. That should support oil prices now that demand has fallen due to the corona crisis.

Because Moscow refused, Riyadh decided to lower the asking price and increase production to pressure Russia with even lower oil prices.

The US oil sector, and in particular the shale companies, are also affected by the price war between the Russians and the Saudis.

It is currently not profitable for shale producers to produce oil. Trump previously said he wanted to mediate between Russia and Saudi Arabia.

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