4:33 p.m. ET, April 3, 2020
Trump to oil CEOs: Putin and MBS 'want something to happen badly'
From CNN Business' Matt Egan
President Donald Trump is once again suggesting Russia and Saudi Arabia will soon reach a truce in their oil war.
"I think President Putin and the Crown Prince want something to happen badly," Trump said Friday, adding that he's spoken to both the Russian leader and Saudi Crown Prince Mohammed bin Salman.
The two countries have flooded the world with excess oil -- despite the unprecedented collapse in demand caused by the coronavirus pandemic.
"It's certainly terrible for them what's happened," Trump said during a meeting with oil executives, including the CEOs of
ExxonMobil (
XOM),
Chevron (
CVX) and
Occidental Petroleum (
OXY).
The president expressed optimism about reviving America's beaten-down oil industry, which needs higher prices to survive.
"We'll work this out. We'll get our energy business back up," Trump said.
During the meeting, several oil CEOs thanked Trump for his leadership during the crisis.
"You're the right man at the right time to balance all the priorities," David Hager, CEO of Devon Energy (DVN), told Trump.