Trump's statement came after top oil exporter Saudi Arabia announced a supply cut in December and other producers considered reductions heading into 2019.
"Of course we need dialog at the highest level", Putin told reporters in Singapore on Thursday. "But the fact that the cooperation (with OPEC) is needed is obvious and we will cooperate".
Dutch bank ING said an abundance of global supply and the threat of economic slowdown meant "cuts over 2019 are unavoidable".
With the USA now the world's top oil producer ahead of Saudi Arabia and Russian Federation, there are indications that traders will keep selling crude at lower prices as a result of oversupply.
Speculators have pulled back on heavy bets on an oil rally, a process that continued on Tuesday, traders said.
As a result, oil inventories are rising.
Angola's oil output rose by 22,000 barrels per day (bpd) in October to 1.533 million bpd, according to the Organization of Petroleum Exporting Countries (OPEC).
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"Producers.have more barrels than they can sell at the moment", said Mercatus Energy Advisors' Corley.
Even as the Saudis have promised to reduce output, United States production reached 11.6 million bpd in the most recent week, a new record. October's level was proposed by Saudi Energy Minister Khalid al-Falih as the reference point for any cut. Opec, Russia and other suppliers agreed to limit their production starting in January 2017 to drain a global glut.
Opec is to gather in Vienna to assess the market.
For the most part, this over-production is due to Trump initially vowing to slap sanctions on Iran, allowing no oil to be shipped out of their country, and then later granting waivers so that some nations would be able to continue buying from the sanctioned country.
With this type of trend, falling stock prices cause investor confidence to plummet right along with the oil prices. "Now everything is being adjusted".
On the supply side, a surge in US production is contributing to rising stockpiles.
Oil rose, ending its longest string of declines amid strengthening signals that OPEC and allied producers are considering production cuts as soon as next year. Yawger noted that the potential pullback in Saudi output has in part already been made up by the sharp bump in USA production, which reached 11.6 million bpd in the most recent week, a new record. The US has asked for production not to be cut.