With oil prices having dived since the beginning of October, Russia and Saudi Arabia - now the No. 2 and No. 3 oil producers in the world, behind the USA - are feeling pressure to reduce their production in order to stabilize the market.
But the US president - facing pressure after Republican losses in the midterm elections - is eager to tamp down threats to the economy, including higher gas prices.
Meanwhile, Sultan Ahmed al-Jaber, the head of the state-run Abu Dhabi National Oil Co., said the UAE planned to increase oil production to 4 million barrels a day by 2020 and 5 million barrels a day by 2030. To keep oil prices high, OPEC and its allies would have to keep reducing production further and further.
Crude prices jumped by as much as 2% on the prospects of reduced supply from OPEC. Trump said on Twitter.
Saudi Arabia, the world's largest oil exporter, said on Sunday it would cut its shipments by half a million barrels per day in December due to seasonal lower demand.
Oil futures in NY fell 0.4 percent Monday, extending a record 11th day of declines, to end the session at $59.93 a barrel. The group agreed in June to restore some of that output, and producers with spare capacity have been pumping more oil since then.
The energy minister told reporters that Saudi Arabia believes that OPEC would continue to remain in operation. As a result, the state's rising production could further dampen oil prices, while also spurring the ongoing development of oil-shipping infrastructure, eventually weighing on energy prices across the US.More news: England declare on 322-6, set Sri Lanka 462 to win
The caution of some other members of the group over whether respond swiftly to the recent price collapse arises partly from the unpredictability of Iranian supply amid US sanctions.
US futures closed down 7.1 percent, for a record 12th straight decline and the lowest since November 2017.
Still, the president is likely aware that his statement could irritate Saudi leadership. "A new strategy needs to be formed. whether it is a cut in production or something else, but it will not be an increase in production", he said.
And the changes in posture by a Trump administration that had previously given Riyadh a pass on a range of worldwide issues could prove an irritant in a relationship that has been carefully cultivated by the president and his son-in-law, Jared Kushner.
The oil producers could agree (though Russian Federation doesn't want to) to reduce the output to somewhere between the May and October figure (say a cut of up to 1 million) - cutting all the way to May level may attract the wrath of Donald Trump.
The move is likely created to stop the slide in crude prices which had recently fallen over 20% from early October, leaving them in a technical bear market. "The consensus is that we need to do whatever it takes to balance the market". "We need not overreact" to falling prices, Mazrouei said, adding that crude was a dynamic market.
Khalid al-Falih, energy minister for the Saudis, justified his kingdom's inclination to cut back by pointing out at an Abu Dhabi oil summit on Monday, "If all things remain equal, and they nearly certainly will not as things will change - it is a dynamic market - then the technical analysis we saw yesterday ... tells us that there will need to be a reduction of supply from October levels approaching a million barrels".