• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 4 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 1 day Could Someone Give Me Insights on the Future of Renewable Energy?
  • 3 hours How Far Have We Really Gotten With Alternative Energy
  • 1 day "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 2 hours e-truck insanity
  • 3 days Bankruptcy in the Industry
  • 15 hours Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 4 days The United States produced more crude oil than any nation, at any time.
Editorial Dept

Editorial Dept

More Info

Premium Content

Ending The Oil War Isn’t Enough

Trump

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