After President Donald Trump said he expects Saudi Arabia and Russia to announce a major oil output cut, oil prices registered their biggest-one day gains on record on Thursday. To deal with the market turmoil, the kingdom also said it was calling an emergency meeting of producers.
Oil output cut by as much as 10 million barrels-15 million barrels by Russia and Saudi Arabia expected by Donald Trump. Both Russia and Saudi Arabia signalled a willingness to make a deal. Participation would be required from other big producers outside of the OPEC in such a deal.
The kingdom said it would call an emergency meeting for OPEC members. Dropping output to roughly 9 million bpd would be considered by Saudi Arabia. The amount is 3 million bpd less than what already planned in April by the kingdom.
While US West Texas Intermediate (WTI) crude CLc1 rose $5.01 (24.7 percent) to settle at $25.32, Brent futures LCOc1 rose $5.20 (21.0 percent) to settle at $29.94 a barrel.
