Saudi Arabia called for an emergency meeting of OPEC and non-OPEC oil producers, state news agency SPA announced on Thursday.
“Saudi Arabia’s call aims to reach a fair oil agreement to stabilize the oil market,” the SPA added. “The call for emergency oil meeting comes to support the global economy and as requested by US President Donald Trump.”
Market reaction
Following US President Trump’s announcement of possible output cuts, the barrel of West Texas Intermediate (WTI) surged to a fresh two week high of $27.32. As of writing, the WTI was trading at $25.40, adding nearly 20% on a daily basis.
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