Trump said at a news conference the oil industry had been "ravaged", with oil prices having plummeted to 18-year lows amid a battle for market share between Saudi Arabia and Russian Federation and fuel demand being slammed by the coronavirus pandemic.
Riyadh and Moscow roiled global oil markets last month by vowing to raise production to record levels after talks to cut it in response to the collapse in energy demand caused by the coronavirus collapsed.
Worldwide crude costs have fallen over 50 % to below $26 a barrel since March 6, when Saudi Arabia, de facto chief of the Organisation of Petroleum Exporting Nations, and non-OPEC producers led by Russian Federation failed to agree on a joint provide coverage in response to the precipitous fall in gas demand brought on by coronavirus pandemic.
Following the USA leader's claim today that the situation could improve soon, the oil industry has already shown signs of revival, with oil prices surging by nearly 10 per cent.
The damage has prompted American officials to try to broker a new deal.
Low crude prices makes many drilling operations in the US unsustainable, and in response companies have announced thousands of layoffs and furloughs.
International Brent Oil Futures rose 0.7% to $25.79 by 9:43 PM ET (2:43 AM GMT) and U.S. Crude Oil WTI Futures jumped 3.64% to $21.05, reversing losses in the last session.
That put the Brent crude price on track for its biggest one-day gain on record. "I think they're going to make a deal", he added.
A spokesman for South Africa's Central Energy Fund, which manages the country's energy assets, declined to comment.
"We agreed to stay in constant contact, to work out joint measures, which would facilitate stabilisation on the market in nearest future", Novak said on Thursday.
The American oil group Whiting Petroleum Corporation, which specializes in shale deposits in North Dakota and Colorado, filed for Chapter 11 bankruptcy on Wednesday, which under USA law allows the company protection from its creditors while it restructures. The company said it had worked to cut costs and would continue to operate under a restructuring plan.
Trump also has said he will meet with USA oil and gas company executives Friday.