Trump says he expects Saudi-Russia oil production deal in coming days

Prices have reached lows not seen in 18 years

President Donald Trump departs after speaking about the coronavirus in the James Brady Press Briefing Room of the White House, Wednesday, April 1, 2020, in Washington. (AP Photo/Alex Brandon)
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US President Donald Trump said on Wednesday he expected Saudi Arabia and Russia to reach a deal in the next few days on oil production to end a price war that has hit the oil industry worldwide.

“I think that they will work it out over the next few days. Both know what they have to do,” Mr Trump said at the White House.

“Worldwide, the oil industry has been ravaged."

He said the flooded oil market as a result of the price war between Saudi Arabia and Russia has sent prices to 18-year lows.

Mr Trump said he wanted to bring the oil industry “back to where it was".

“I think I know what to do to solve it," he said. "We don’t want to lose our great oil companies. I’d rather not do that.

“I think that Russia and Saudi Arabia at some point are going to make a deal, in the not-too-distant future, because it’s very bad for Russia, it’s very bad for Saudi Arabia.”

Mr Trump said he had “great” conversations with Saudi Crown Prince Mohammed bin Salman and Russian President Vladimir Putin in recent days.