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President Trump will meet with company CEOs, uncluding Exxon, Chevron and Occidential on Friday reports the WSJ.This comes at a time when oil prices have collapsed from the Coronavirus and a Russian and Saudi price war with bankruptcies building in the US energy sector. The meeting is to take place at the White House. Expect comments from Trump into the meeting.

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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.are to attend the WSJ said. 

 Exxon has stated that they believe market forces should be allowd to play out. The smaller, more vulnerable are not in that position.

Its also been reported that Howard Hamm is trying to get sanctions on Saudi Arabia but the WSJ says he's alone in that.   There is reportedly chatter about lifting US restrictions on shipping crude within the country by boat: A temporary waiver of the Jones Act, which would allow U.S. ships to transport oil around the country, could represent a compromise and earn the backing of the other companies, one of the people said.

Such a waiver would allow U.S. oil to be shipped from the petrochemical hub on the Gulf Coast to markets on the East Coast and Washington state, which are currently being flooded with imports from Saudi Arabia. The U.S. has previously granted such waivers, typically for about 10 days, during other emergencies.

Source: WSJ

From The TradersCommunity News Desk

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