Trump, oil CEOs meet during coronavirus pandemic as crude tumbles
American Petroleum Institute President Mike Sommers says the oil price war is a ‘disaster.’
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President Trump is set to meet Friday with the heads of some of the largest U.S. oil companies to discuss government measures to help the industry weather an unprecedented oil crash, people familiar with the matter said.
The meeting is to take place at the White House and will include Exxon Mobil Corp. Chief Executive Darren Woods, Chevron Corp. Chief Executive Mike Wirth, Occidental Petroleum Corp. Chief Executive Vicki Hollub and Harold Hamm, executive chairman of Continental Resources Inc., the people said.
|XOM||EXXON MOBIL CORPORATION||37.47||-0.51||-1.33%|
|OXY||OCCIDENTAL PETROLEUM CORPORATION||10.76||-0.82||-7.12%|
The U.S. oil and gas industry has been pummeled recently by the dual shock of plummeting oil demand because of the coronavirus pandemic and surging supply as Russia and Saudi Arabia are locked in a price war and flood the market with crude.
Oil prices plunged this week to just above $20 a barrel, the lowest level in nearly two decades.
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