Trump expects Russia-Saudi oil agreement soon

WASHINGTON, Apr 02 (Reuters): US President Donald Trump said he has invited US oil executives to the White House to discuss ways to help the industry "ravaged" by slumping energy demand during the coronavirus outbreak and a price war between Saudi Arabia and Russia.

Trump also said he had talked recently with the leaders of both Russia and Saudi Arabia and believed the two countries would make a deal to end their price war within a "few days" - lowering production and bringing prices back up.

"I'm going to meet with the oil producers on Friday. I'm going to meet with independent oil producers also on Friday or Saturday. We're going to have a lot of meetings on it," Trump told reporters at a media conference.

"Worldwide, the oil industry has been ravaged," he said. "Its very bad for Russia, its very bad for Saudi Arabia. I mean, its very bad for both. I think they're going to make a deal."

Global oil prices have fallen by roughly two-thirds this year as the coronavirus has slammed global economies at the same time major producers Saudi Arabia and Russia have started to flood the market with oil.

Speaking to Reuters on Thursday, a senior Gulf source familiar with Saudi thinking said the Kingdom supports cooperation between oil producers to stabilize prices but Russia's opposition to a proposal last month to deepen supply cuts has caused market turmoil.

Meanwhile, the Organisation of the Petroleum Exporting Countries (OPEC) said on Thursday its daily basket oil price fell to $16.87 a barrel on April 1, down from $22.61 the previous day.

The basket includes Algeria's Saharan Blend, Angola's Girassol, Congo's Djeno, Equatorial Guinea's Zafiro, Gabon's Rabi Light and Iran Heavy.

Iraq's Basra Light, Kuwait Export, Libya's Es Sider, Nigeria's Bonny Light, Saudi's Arab Light, the UAE's Murban and Venezuela's Merey are also included.