**Trump to Host Meeting with Oil Executives to Address Market Slump**
**A discussion will take place to tackle the current challenges in the oil market.**
The recent drop in oil prices, influenced by reduced fuel demands from global isolation and the ongoing price war between Russia and Saudi Arabia, has led to a spiral in oil prices. In an attempt to address this issue, President Donald Trump will be convening a meeting with numerous oil company executives at the White House today.
Sources connected with Reuters have revealed that the meeting will involve key figures from companies like Exxon Mobil, Chevron, Occidental Petroleum, Continental Resources, as well as representatives from the American Petroleum Institute, and others. Moreover, smaller independent oil refineries will be engaged in a separate teleconference discussion at a later time. Speculations are rife regarding Trump’s strategies to combat the market slump, with suggestions ranging from potentially waiving royalty payments for federal land drillers to considering import tariffs on foreign crude and relaxing shipping regulations.
The looming conflict between Russia and Saudi Arabia is likely to be a focal point of the meeting. Trump announced recently that both nations have agreed to slash their oil production by 10 to 15 million barrels per day, which amounts to approximately 10-15% of the global oil supply. While Russia and Saudi Arabia have not publicly confirmed this agreement, they have expressed willingness to engage in discussions on the matter. Following this announcement, there was a slight uptick in oil stocks.
The American Petroleum Institute has urged Trump to ensure a steady fuel supply within the US. In response, the administration has temporarily eased environmental regulations to facilitate uninterrupted drilling activities.
