Trump Meets U.S. Oil Leaders After OPEC+ Urges Cuts to Stem Rout

Big obstacles remain to an accord to mop up giant surplus
Oil surges on prospect of global deal before paring some gains

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OPEC+ to Hold Virtual Meeting Monday Amid Trump Pressure

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By Grant Smith, Javier Blas, and Olga Tanas

April 3, 2020 at 7:08 AM UTC

Updated on

April 3, 2020 at 8:52 PM UTC

This article is for subscribers only.

The OPEC+ oil cartel is pressing to form a global coalition to cut output and stem the historic rout in crude prices, with a deal balancing on a fractious meeting between U.S. President Donald Trump and American oil executives on Friday. Crude surged on the efforts.

Trump touted the idea of global cutbacks on Thursday, and it now looks to be gaining traction. Vladimir Putin, in a meeting Friday with Russia’s oil-industry bosses, said trimming global oil production by about 10 million barrels from first-quarter levels is possible. That figure was first mentioned by Trump as he called for a coordinated effort.

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