"It’s very devastating to Russia, because their whole economy is based on that and we have the lowest oil prices in decades. I would say it’s very bad for Saudi Arabia. They are in a fight on price, on output," Trump told reporters at a White House briefing. "At the appropriate time, I will get involved."
He added that the US has much leverage over the situation.
"I spoke with numerous people... and we have a lot of power over the situation. We are trying to find some kind of a medium ground," Trump said.
In the United States lower prices hurt local oil producers but are mostly beneficial for the rest by drastically reducing energy costs, Trump added.