Trump speaks to Saudi crown prince about oil prices

President Trump spoke with Saudi Crown Prince Mohammed bin Salman on Monday about global energy markets, the White House said.

The conversation between the two leaders came amid an oil price war between Saudi Arabia and Russia that, coupled with growing concerns over the spread of the coronavirus, rattled global financial markets.

“The President and the Crown Prince discussed global energy markets and other critical regional and bilateral issues,” White House deputy press secretary Judd Deere said in a statement Tuesday.

Saudi Arabia and Russia have battled to flood the global market with cheap oil, something that could offer consumers cheaper oil prices but harm U.S. producers.

Trump sought to blame Monday’s decline in the markets squarely on the dispute between Saudi Arabia and Russia, suggesting the media has falsely attributing the drop to the coronavirus. The president also said that it was “good for the consumer” that gasoline prices were dropping.

“Saudi Arabia and Russia are arguing over the price and flow of oil. That, and the Fake News, is the reason for the market drop!” Trump tweeted Monday, the same day he spoke to the Saudi crown prince.

Oil prices sank 24 percent on Monday, while the Dow Jones Industrial Average declined 2,014 points, or 7.8 percent, marking its worst day since 2008 during the financial crisis.