Exxon Mobil is cutting its 2020 capital expenditures by 30%, as it deals with the impact of falling oil prices. CEO Darren Woods joined SquawkCNBC this morning to discuss.
Oil briefly rebounded from its session low during afternoon trading after Reuters reported that Russia was ready to substantially reduce its production, citing two sources familiar with the matter.
The Monday meeting was set after President Donald Trump said to CNBC on Thursday that he expected Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman to announce a deal to cut production by up to 15 million barrels, and that he had spoken to both countries' leaders. "The details of the emerging framework are complex, even if the overall picture seems clear on the surface: All in or no deal," said Eurasia Group's Ayham Kamel. "Politically and economically, Putin and Prince Mohammad need US participation in some shape or form."
The U.S. oil industry is divided on whether it could or should contribute to production cuts in an effort to stabilize prices.
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