• 3 minutes The World Economic Forum (WEF) - Davos 2022 Conference held this last week of May
  • 8 minutes How Far Have We Really Gotten With Alternative Energy
  • 12 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 7 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 1 day Natural Gas is the Cleanest and most Likely Source of Energy to Fuel the World.
  • 2 hours "Russia will stop 'in a moment' if Ukraine meets terms - Kremlin" by Reuters via Yahoo News...but Reuters suddenly cut out the balanced part of the story.
  • 3 days Advancing Fundamental Drilling Science - Geothermal drilling successes offer potential gain for petroleum industry
  • 2 hours "The Global Digital ID Prison" by James Corbett of CorbettReport.com
  • 2 hours "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
Saudi Arabia Is Not Spending Its Oil Windfall

Saudi Arabia Is Not Spending Its Oil Windfall

Saudi Arabia, the world’s top…

Qatar Minister Slams West For Demonizing Oil And Gas

Qatar Minister Slams West For Demonizing Oil And Gas

For years, Western countries have…

Editorial Dept

Editorial Dept

More Info

Premium Content

Ending The Oil War Isn’t Enough

Oil may have gained 20% on Trump’s tweets Thursday, but heed this: Even if OPEC+ agrees to a purported 10-million-bpd cut and even considering that China has ordered all of its oil companies to buy up oil on the cheap to fill strategic reserves, it’s not going to get demand anywhere close to where the market needs it. 

It will, however, alleviate the immediate critical issue of running out of oil storage space. 

There is a lot of talk about Trump “pressuring” Saudi Arabia and Russia on this, but the only real pressure on both is their own economics and the global COVID-19 disaster, which makes this oil price war and market share game untenable at best. 

Also beware that Iraq is planning to increase production by 200,000 bpd this month, despite all. 

The backdrop to Thursday’s oil bump was a series of tweets from Trump following a phone call with MBS in which the Crown Prince allegedly said Saudi Arabia and Russia would cut by 10 million barrels. He also said he expected a deal between Saudi Arabia and Russia “within a few days”. President Trump later confirmed at the daily press briefing on the coronavirus that the 10-million-barrel figure was actually mentioned in the call.

OPEC sources later confirmed that an OPEC+ meeting had been called for Monday, and that 10 million bpd was the figure that is being considered. OPEC sources also said that the US regulator would be invited to the…





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News