Oil prices have rallied after US President Donald Trump claimed that he expected Saudi Arabia and Russia to substantially cut their oil production after speaking with the leaders of both countries.

In yet another of his often controversial tweets on Twitter, President Trump said he expected the two countries to cut oil production by about 10 million barrels, or about 10 per cent of normal global consumption.

He later added that the cut could be as high as 15 million barrels.

While the US president’s tweets often draw disbelief, there might be some truth behind the latest announcement after state-run Saudi Press Agency reported that the kingdom had called for an urgent meeting of Organization of the Petroleum Exporting Countries and other countries to reach “a fair agreement to restore the desired balance of oil markets”.

Somewhat predictably, a spokesperson for Russian President Vladimr Putin denied that there were any conversations between the two leaders.

Regardless of how valid President Trump’s comments were, they sent the benchmark West Texas Intermediate crude up about 25 per cent to a high of $US24.96 ($41.18) per barrel.

Likewise, the Brent crude benchmark, which prices about two thirds of the world’s internationally traded crude oil supplies, is up more than 20 per cent to $US29.94 per barrel.

This news is likely to be welcome by US shale oil producers.

Markets were also bolstered by the claim, with the US S&P 500 rising more than 2 per cent while the local S&P ASX Energy index is up 5.17 per cent to 6,683.3 points.

READ: Offshore oil and gas now feeling the pain of low prices

Here are how the small cap oil and gas players on the ASX performed:

CODE COMPANY PRICE % CHANGE (1 Week) MARKET CAP
88E 88 ENERGY LTD 0.018 +8.33% $ 127,973,440.00
ABL ABILENE OIL AND GAS LTD 0.001 +0.00% $ 397,614.34
ADX ADX ENERGY LTD 0.005 +0.00% $ 8,519,716.00
AJQ ARMOUR ENERGY LTD 0.037 -2.70% $ 21,852,272.00
ANA ANSILA ENERGY NL 0.005 +0.00% $ 2,543,860.75
ATS AUSTRALIS OIL & GAS LTD 0.021 +47.62% $ 20,705,238.00
BAS BASS OIL LTD 0.001 +50.00% $ 3,342,140.00
BLU BLUE ENERGY LTD 0.016 +6.25% $ 21,231,244.00
BNL BIG STAR ENERGY LTD 0.004 +0.00% $ 2,934,989.00
BRK BROOKSIDE ENERGY LTD 0.004 +0.00% $ 4,028,000.00
BRU BURU ENERGY LTD 0.075 +5.33% $ 32,405,568.00
BUY BOUNTY OIL & GAS NL 0.006 +0.00% $ 5,720,406.00
BYE BYRON ENERGY LTD 0.12 +16.67% $ 97,309,232.00
CE1 CALIMA ENERGY LTD 0.003 +33.33% $ 6,466,716.50
COI COMET RIDGE LTD 0.054 +11.11% $ 42,606,000.00
CRM CARBON MINERALS LTD 0.3 +0.00% $ 5,641,047.00
CTP CENTRAL PETROLEUM LTD 0.075 +5.33% $ 54,229,292.00
CUE CUE ENERGY RESOURCES LTD 0.077 +6.49% $ 53,755,220.00
CVN CARNARVON PETROLEUM LTD 0.15 +13.33% $ 234,656,992.00
E2E EON NRG LTD 0.001 +0.00% $ 769,888.94
EEG EMPIRE ENERGY GROUP LTD 0.19 +0.00% $ 50,024,844.00
EMP EMPEROR ENERGY LTD 0.018 +0.00% $ 1,468,502.38
ENX ENEGEX LTD 0.007 +0.00% $ 563,498.19
EXR ELIXIR ENERGY LTD 0.02 +0.00% $ 10,017,414.00
FAR FAR LTD 0.013 +15.38% $ 129,724,792.00
FPL FREMONT PETROLEUM CORP LTD 0.003 +0.00% $ 5,005,006.00
FZR FITZROY RIVER CORP LTD 0.18 +0.00% $ 15,545,412.00
GAS STATE GAS LTD 0.39 +2.56% $ 57,030,484.00
GBP GLOBAL PETROLEUM LTD 0.012 +0.00% $ 2,431,835.00
GEV GLOBAL ENERGY VENTURES LTD 0.067 -2.99% $ 25,877,290.00
GGE GRAND GULF ENERGY LTD 0.003 +0.00% $ 1,151,248.38
GGX GAS2GRID LTD 0.0015 +0.00% $ 2,068,495.50
GLL GALILEE ENERGY LTD 0.48 +14.58% $ 130,296,496.00
GLV GLOBAL OIL & GAS LTD 0.001 +0.00% $ 3,129,480.00
GRV GREENVALE ENERGY LTD 0.012 +0.00% $ 1,274,550.00
HE8 HELIOS ENERGY LTD 0.092 +5.43% $ 141,686,544.00
HPR HIGH PEAK ROYALTIES LTD 0.09 +0.00% $ 17,006,076.00
HZN HORIZON OIL LTD 0.046 +8.70% $ 59,891,140.00
ICN ICON ENERGY LIMITED 0.006 +0.00% $ 3,585,341.75
IPB IPB PETROLEUM LTD 0.011 +0.00% $ 2,537,037.25
IVZ INVICTUS ENERGY LTD 0.014 +0.00% $ 6,288,719.00
JPR JUPITER ENERGY LTD 0.004 +0.00% $ 613,510.75
KAR KAROON ENERGY LTD 0.49 +9.18% $ 270,962,496.00
KEY KEY PETROLEUM LTD 0.002 +0.00% $ 3,422,483.75
KPE KINA PETROLEUM CORP 1.1 +0.00% $ 14,098,469.00
LCK LEIGH CREEK ENERGY LTD 0.094 +2.13% $ 54,545,288.00
LIO LION ENERGY LTD 0.017 +0.00% $ 3,525,830.50
LNG LIQUEFIED NATURAL GAS LTD 0.095 +5.26% $ 54,783,380.00
MAY MELBANA ENERGY LTD 0.0035 -14.29% $ 8,108,980.00
MEL METGASCO LTD 0.02 +0.00% $ 7,812,028.50
NGY NUENERGY GAS LTD 0.011 +0.00% $ 16,290,510.00
NWE NORWEST ENERGY NL 0.003 +0.00% $ 14,203,401.00
OEL OTTO ENERGY LTD 0.005 +10.00% $ 13,457,870.00
OEX OILEX LTD 0.001 +200.00% $ 3,426,319.00
OXX OCTANEX LTD 0.007 +0.00% $ 1,908,990.63
PCL PANCONTINENTAL OIL & GAS NL 0.001 +0.00% $ 5,406,715.50
PGY PILOT ENERGY LTD 0.012 +0.00% $ 953,647.69
PRM PROMINENCE ENERGY LTD 0.001 +0.00% $ 1,319,557.63
PSA PETSEC ENERGY LTD 0.021 +0.00% $ 8,370,346.50
PVE PO VALLEY ENERGY LTD 0.044 +0.00% $ 28,480,588.00
REY REY RESOURCES LTD 0.215 +0.00% $ 45,614,496.00
RLE REAL ENERGY CORP LTD 0.016 +0.00% $ 5,651,106.00
RMP RED EMPEROR RESOURCES NL 0.008 +0.00% $ 4,202,342.00
ROG RED SKY ENERGY LTD 0.001 +0.00% $ 1,626,183.25
SAN SAGALIO ENERGY LTD 0.002 +0.00% $ 409,320.25
SGC SACGASCO LTD 0.01 +0.00% $ 2,704,190.00
SHE STONEHORSE ENERGY LTD 0.006 +0.00% $ 2,403,748.25
STX STRIKE ENERGY LTD 0.12 +0.00% $ 204,749,808.00
SXY SENEX ENERGY LTD 0.155 +6.45% $ 225,826,768.00
TAP TAP OIL LTD 0.072 +0.00% $ 30,811,914.00
TDO 3D OIL LTD 0.051 +0.00% $ 13,524,607.00
TEG TRIANGLE ENERGY GLOBAL LTD 0.027 +22.22% $ 9,740,349.00
TMK TAMASKA OIL & GAS LTD 0.006 +0.00% $ 5,340,000.00
TNP TRIPLE ENERGY LTD 0.008 +0.00% $ 575,968.44
TOU TLOU ENERGY LTD 0.039 -10.26% $ 17,557,028.00
TPD TALON PETROLEUM LTD 0.001 +0.00% $ 1,776,789.50
VEN VINTAGE ENERGY LTD 0.049 +0.00% $ 13,063,028.00
WBE WHITEBARK ENERGY LTD 0.003 +0.00% $ 9,120,649.00
WEL WINCHESTER ENERGY LTD 0.018 +5.56% $ 12,376,964.00
WGO WARREGO ENERGY LTD 0.1075 +11.63% $ 76,227,368.00
XCD XCD ENERGY LTD 0.004 +25.00% $ 2,798,915.75
XST XSTATE RESOURCES LTD 0.001 +0.00% $ 1,425,490.88