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Oil To Move Above $41 If Trump’s Tweet Is True

Trump

U.S. West Texas Intermediate and international-benchmark Brent crude oil futures are trading higher on Friday on increased expectations of a production cut by OPEC and other major producers known as OPEC+.

The markets are following through to the upside following record gains on Thursday after U.S. President Donald Trump said he had brokered a deal that could result in Russia and Saudi Arabia cutting output by 10 million to 15 million barrels per day (bpd), representing 10-15% of global supply. Trump also said he made no offer to cut U.S. output.

According to Reuters, the source added that OPEC+ is watching the outcome of a meeting between Trump and the oil companies later on Friday and that a final figure on cuts depends on participation by all oil producers.

Saudi’s Call for Emergency Meeting

Saudi Arabia called on Thursday for an emergency meeting of OPEC and non-OPEC oil producers, saying it aimed to reach a fair agreement to stabilize oil markets.

Members Support Meeting Suggestion

Kuwait’s oil minister Khaled al-Fadhel said on Friday he supported Saudi Arabia’s invitation for a meeting between OPEC and non-OPEC oil producers.

The energy ministry of non-OPEC producer Azerbaijan, meanwhile, said the OPEC+ meeting is planned for April 6 and will be held as a video conference, Russia’s RIA news agency reported.

Many Unanswered Questions

Traders are probably asking what a 10 to 15 million barrel per day production cut…





Leave a comment
  • Issa Kone on April 04 2020 said:
    I thing they will most probably take the busllish option of wti price because if you look next American election is coming and Donald Trump have to do all possible solution to save job of people and industry. Russia and Arabi soudia need money to save they economy and make face to this covid 19 .
    That my opinions.

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