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U.S. President Donald Trump said on April 2 that he expects Saudi Arabia and Russia to lower oil production, revealing that he had discussed the issue with Crown Prince Mohamad Bin Salman Al Saud.
“Just spoke to my friend MBS (Crown Prince) of Saudi Arabia, who spoke with President Putin of Russia, & I expect & hope that they will be cutting back approximately 10 Million Barrels, and maybe substantially more which, if it happens, will be GREAT for the oil & gas industry!” Turmp wrote on Twitter.
Following Trump’s announcement, Saudi Arabia called for a meeting of OPEC+ to reach “a fair oil agreement that would bring stability to the global oil market.”
From its side, the Kremlin denied that Saudi Crown Prince Mohamad Bin Salman had spoken with President Vladimir Putin.
Trump’s announcement led to a 21% increase in oil prices, which have been plummeting for the last few weeks. Brent Crude reached $30.33 for a barrel.
Last month, Saudi Arabia began flooding the oil market in an attempt to capture a larger share, which led to the biggest oil price fall since the war in the Persian Gulf in 1991. Riyadh offered unprecedented discounts to its customers in Asia, the U.S. and Europe.
Russia was badly hit by the Saudi move as its oil exports to Europe were affected. The Russian Ruble collapsed 10%, falling to its lowest level in more than four years. Iran, which is already suffering from crippling sanctions by the U.S, was also harmed.
Saudi Arabia’s harsh offensive was apparently about to hit the U.S. own oil trade. This has apparently forced Trump to intervene, pressuring Bin Salman into cutting back on oil production.
Trump is chief of new world order.
Time to return the favor russia and iran, hit the saudi fuckfaces ten times harder
So true, i mean although they have an impressive infrastructure BUT it’s wasn’t built by them JUST for their money in a project called “we will buy your oil but we need to get our money back so you should hire us for all kind of stuff” In any case, without world ” support” they are nothing but some camel herders.
The orange fat baboon Trump is telling his usual lies, there is no agreement and oil prices and the deadbeat Americunt stock market already dying of the Pimpeovirus has taken another dive. As I said before, oil will hit negative values as there is no storage or demand as western Jew controlled economies are unraveling by the hour. However, China is on a upswing and cheap or free oil will make its economy grow at double digits again. Chinese manufacturing is again back to normal and slated to grow by 20% as pent up demand comes up in a few weeks. The Americunts have done a wonderful job with their home goal bio-warfare.
We see what happens,I very much doubt russia would in it for the new world order supreme white skeletors race,but if Trump in return does the right by the peoples not the failed deep states then it could turn out to be more the benefit for all concerned,this is only tempoary for now,lets just see!
It’s not about Trump. Whiting Petroleum Files for Bankruptcy Amid Oil Price Crash: https://finance.yahoo.com/news/whiting-petroleum-files-bankruptcy-amid-134201703.html
Ouch! I just fueled up at 82cents au/litre,as the old saying every man for himself!
Who wrote this BS? The Russians and Saudis are working together to cripple US shale and destroy the petrodollar.
The United States is immune To economic warfare. It can just keep printing more dollars that the world will buy up in treasury bonds and it goes on and on. So this scenario is unlikely.
It was,maybe still is,but there’s something,well if $25us/b is the threshold where russia needs not supplement in their state guarrantee,maybe the savings intended to compensate towards present corona/buisness/family/peoples supplements,untill the corona is over,but for now I would certainly not buy when its around 20% up from yesterday?
We saw the same lies from the USadmin when the Trumpster was having his tiff with China over tarrifs. Does the US gov’t tell the truth about anything?
The Trumpster is hoping, which isn’t exactly expecting. With all the hate and lies directed at the Russian admin, good luck with the hope.
Trump wants Russia and Saudis to cut production of 10 million barrels!
So that the 10 million barrels the US produce at break even price of $55pb, can then be profitable!
This must be why he is the worlds greatest entrepreneur, with smart logic like that.
Why didn’t anyone else see this simple fix to the oil and debt crises of the West.
LOL
This is the equivalent of selling your blood for pennies a pint. Greed knows no bounds.
First Trump is a bullshitter. Don’t believe a word he says.
Second the damage is already done. Shale oil is finished …. the bankruptcies have already started and no one is loaning them money or buying their bonds except the Fed … which is really charity. There isn’t a hope in hell that oil will rise above the $60/bbl break even for years.
Tens of millions of US Unemployed will create mayhem in the US.
Its time to repay the US for all their wars of choice and the plundering of the world.
A civil war is long overdue in the US and the next, and hopefully imminent one, will remove the Zio-Mafia from power
“amerikan parents lie to their children; American children lie to their parents–its expected”. Geoffrey Gorer ‘amerikans have been liars and braggarts for 3 centuries”. Daniel Boorstin “the men amerikans most admire tell them the most extravagant lies; the men Americans most despise try to tell them the truth”. HL Menkhen “Obama’s job is to lie to a nation of liars”. Kiese Laymon
I certainly agree about Obama. He was easy to understand when you realised that everything he said was scripted, like daytime “reality” TV
This one mad me laugh. But, the Donald doesn’t care what he says, it has gone way beyond veracity. ….. and the idiots, I see no way this is real, on WallStreet gobbled it all up. By tomorrow NYC stands a good chance to have 10k new Covid-19 cases so, let’s see how much celebrating there will be once this eye candy passes as just more hot air and the reality of what is real kills more. In a way. I hope that I am wrong.