Trump Hosts Contentious Oil Meeting in Bid to Reverse Price Drop

Trump Hosts Contentious Oil Meeting in Bid to Reverse Price Drop

Refiners and producers to gather at White House on Friday. Trump has sought to forge an agreement with Russia and Saudi Arabia to end their price war by cutting back on production, a move that could boost prices and help drillers and refiners located in states like Texas and Louisiana that are crucial to his re-election in the fall.. A meeting of OPEC+ oil cartel members is set for Monday and Vladimir Putin said his country is prepared to take part in deep reductions in oil production.. It's an idea championed by Oklahoma oil man Harold Hamm, a Trump confidant on energy who will be part of the meeting Friday, as well as some Republican senators who say tariffs could help the president win concessions from Saudi Arabia and stabilize the global crude market.. Within the oil industry, the idea has exposed deep rifts, with refiners and Northeast U.S. gas producers firmly opposed.. Large, integrated industry giants such as Exxon Mobil Corp. and Chevron Corp. , which will be represented in the meeting Friday, have typically opposed any kind of government intervention in crude markets.. ( Updates with executives attending the meeting in ninth paragraph..