(Bloomberg) -- Energy Secretary Dan Brouillette told oil industry representatives Friday that he expected a Saudi-Russia deal on crude production cuts within days.
Brouillette's comments came during a conference call with a broad swath of oil industry representatives on Friday afternoon, after President Donald Trump met with top executives from Exxon Mobil Corp., Chevron Corp., Phillips 66 and other companies. The discussion was described by four people familiar with the call who asked not to be named detailing a private conversation.
U.S. oil futures have jumped more than $8 a barrel in the past two days on the prospects of a deal to cut global oil production, but prices are still down more than 37% since the start of March, when Saudia Arabia launched an all-out market-share war against Russia.
Brouillette did not provide other details on what a deal might look like, though he stressed the Energy Department is working with counterparts in Saudi Arabia and Russia.
Brouillette told participants he plans to continue talks with his counterparts in Saudi Arabia and Russia through the weekend.
A meeting of OPEC+ members, including Russia, has been hastily scheduled for Monday as the coronavirus pandemic knocks out as much as a third of global demand. The market collapse threatens the budgets and political stability of oil-dependent nations, the existence of the U.S. shale industry and millions of jobs in a sector already in turmoil.
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