April 1, 2020 11:00 AM, EDT

Trump: World’s Biggest Oil Producers to Meet on Market Crash

Lights illuminate oil storage tanks at the RN-Tuapsinsky refinery, in Tuapse, Russia, on March 22.Lights illuminate oil storage tanks at the RN-Tuapsinsky refinery, in Tuapse, Russia, on March 22. (Andrey Rudakov/Bloomberg News)

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President Donald Trump said the U.S. would meet with Saudi Arabia and Russia with the goal of stanching a historic plunge in oil prices.

Trump, speaking at the White House on March 31, said he’s raised the issue in conversations with Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman. “They’re going to get together, and we’re all going to get together, and we’re going to see what we can do,” he said. “The two countries are discussing it. And I am joining at the appropriate time, if need be.”

If it happens, it would be the first meeting between Saudi Arabia and Russia since the collapse of the OPEC+ coalition in early March. Since then, both countries have vowed to flood the market with millions of excess barrels of oil in an acrimonious battle over market share. Despite the president’s remarks, neither nation has backed down from their price war, with Saudi Arabia having already loaded several supertankers with crude headed for Europe.

Trump’s intervention comes as April shapes up to be a calamitous month for the oil market. Saudi Arabia plans to boost its supply to a record 12.3 million barrels a day, up from about 9.7 million in February. At the same time, fuel consumption is poised to plummet by 15 million to 22 million barrels as coronavirus-related lockdowns halt transit in much of the world.


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Worst Quarter

The global benchmark crude has already plunged to record lows, posting the worst quarter in history March 31.

“It’s not even feasible what’s going on,” Trump said, adding that the price meltdown was harming the oil industry. “You don’t want to lose an industry — you’re going to lose an industry over it.”

Still, he celebrated the low gasoline prices brought about by the market downturn, calling them “the greatest tax cut we’ve ever given.”

“People are going to be paying 99 cents for a gallon of gasoline,” he said. “It’s incredible in a lot of ways.”

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