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In response to
"Oh that's right, and he wants them to make a deal. They just aren't. He is only saying it to boost the price and help the stock market."
by
Bacon
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Opec+ two meetings ago, Saudi Arabia after 4 days took a
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500K hit to production, nobody else would cut, to counteract Norway's new offshore field producing 380K that just came online and were pressuring prices. Russia figures that the main beneficiaries to cutting production is the US shale producers. Seeing as the balance sheets are tight and the lack investors willing to refinance shale oils refinancing of 2015 which is coming due this year thought it was the perfect time to take them out, so they again refused to cut production. Turns out that Saudi Arabia didn't need to threaten to increase oil with demand destruction so high. They didn't get an props earlier in the year from the west but all the blame now. So just who the hell is going to cut 10 million bbls of production, you live by capitalism you die by capitalism except in the US. Now it's time for a government bail out or tariffs on imported oil listening to Trump. That is all he knows and that costs Americans and the newly unemployed more money. This is 10s of thousands of jobs, out of the millions, these are the ones he is worried about. Big money to re-elect Trump contributions.
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