Lobbyists representing the oil and fuel trade met with White Home coverage staffers Wednesday morning to debate coronavirus, the state of the economic system and the market, a consultant for the American Petroleum Institute advised CNBC.

The assembly comes because the market has been roiled by fears of coronavirus and deteriorating OPEC talks. After negotiations between OPEC and Russia fell aside on Friday, OPEC's de facto chief, Saudi Arabia, on Saturday slashed its oil costs and introduced plans to extend manufacturing. This led to a selloff in oil markets and stress on U.S. power producers.

Oil costs on Monday plunged 24%, marking the worst day since 1991. Saudi Aramco CEO Amin Nasser mentioned on Wednesday that the corporate had been requested to provide a report 13 million barrels per day in April. Oil fell 4% Wednesday.

Nonetheless, the American Petroleum Institute, which represents...