Trump expects Russia, Saudi to reach oil deal soon

U.S. President Donald Trump said Thursday he spoke with his "friend" Saudi Crown Prince Mohammad Bin Salman in a bid to have the Kingdom and Russia lower oil production as prices continue to sit near record lows.

"Just spoke to my friend MBS (Crown Prince) of Saudi Arabia, who spoke with President Putin of Russia, & I expect & hope that they will be cutting back approximately 10 Million Barrels, and maybe substantially more which, if it happens, will be GREAT for the oil & gas industry!" Trump said on Twitter.

Oil prices have plummeted with Saudi Arabia and Russia locked in a war regarding production, with both nations ramping up output after a pact between the Saudi-led Organization of the Petroleum Exporting Countries and Russia expired.

Trump said in a follow-up tweet that production cuts in Russia and Saudi Arabia could hit 15 million barrels, which he said would be "Good (GREAT) news for everyone!"

Crude oil prices jumped by more than 25% following Trump's social media posts, hitting a daily high of $26.83.