Oil soars after Trump says Saudis and Russians to cut output - Reuters

Oil soars after Trump says Saudis and Russians to cut output - Reuters:

Crude prices soared on Thursday after U.S. President Donald Trump said he expects Russia and Saudi Arabia to announce a major oil production cut, and Saudi state media said the kingdom was calling an emergency meeting of producers to deal with the market turmoil.

Trump said he had spoken to Saudi Crown Prince Mohammed bin Salman, and expects Saudi Arabia and Russia to cut oil output by as much as 10 million to 15 million barrels, as the two countries signaled willingness to make a deal.

Trump did not specify barrels per day (bpd), but the market expresses demand and supply in those terms.

Saudi Arabia said it would call an emergency meeting of the Organization of the Petroleum Exporting Countries (OPEC), Saudi state media reported. The Wall Street Journal reported that the kingdom would consider dropping output to roughly 9 million bpd, or about 3 million bpd less than what it planned on pumping in April.

Brent futures LCOc1 rose $4.44, or 18.0%, to $29.18 a barrel by 2:03 p.m. EDT (1803 GMT), while U.S. West Texas Intermediate (WTI) crude CLc1 rose $3.43, or 16.9%, to $23.74.