President Donald Trump told CNBC on Thursday he expects Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman to announce a deal to cut oil production by 10 million to 15 million barrels.

West Texas Intermediate crude surged 24.67% to settle at $25.32 per barrel, for its largest single-day percentage gain in history. Given WTI's 59% decline this year a smaller gain, of course, now accounts for a much larger percentage move. International benchmark Brent jumped 21% to settle at $29.94 per barrel, in what was also its best day on record.

Trump made his comments in a telephone conversation with CNBC's Joe Kernen.

The president said in a tweet later that a production cut would be "great for the oil & gas industry," and that the cut could be "substantially more" than 10 million barrels.

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Oil production is typically discussed in terms of barrels per day, but Trump made no reference to the time frame of the cuts. Additionally, it was not clear how the cuts would be distributed across oil-producing countries.

RBC commodity strategist Helima Croft said the U.S. could have to give up something in return.

"What we know is the Saudis were looking at this through the lens of the financial crisis and believe they needed a response commensurate to 08/09," she said, referring to the collapse of prices during the 2008-09 financial crisis.

"The question is can Trump put together the package that gets them to do that?" Croft said. "We know there's an emergency OPEC meeting. They will be looking for signs that U.S. production will be curtailed. They will be watching what happens with the Texas Railroad Commission and with Canada," she added.

Saudi Arabia on Thursday, via its official press agency, called for an "urgent" meeting between OPEC and its allies.

"Today, the Kingdom calls for an urgent meeting for OPEC+ group and other countries, with aim of reaching a fair agreement to restore the desired balance of oil markets," the Saudi Press Agency said.