Trump hints at U.S. posture in global oil talks

• "I think the cuts are automatic, if you're a believer in markets," Trump said at a White House briefing, adding companies are "already cutting" and "it's the market, it's supply and demand."

What's next: The OPEC+ group — led by Saudi Arabia and Russia — is set to meet remotely Thursday, to be followed by a remote meeting of G20 energy ministers on Friday.

• But a global production-limiting agreement would be difficult for Saudi Arabia and Russia to accept without action by the U.S., the world's largest producer.
• "Major oil producers including Saudi Arabia and Russia are likely to agree to cut production at a Thursday meeting but only if the United States joins the effort," Reuters reported Monday, citing OPEC+ sources.

What they're saying: "The G20 forum could provide space for a looser arrangement where explicit U.S. cuts are not necessarily required and market-led decreases in US production can potentially be repackaged as a U.S. contribution," the Eurasia Group said in a note Monday.