Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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Maybe this is first signs
https://oilprice.com/Latest-Energy-News/World-News/Russia-Decides-Not-To-Boost-Oil-Output.html
Previous OPEC quotas finished today.
"In the meantime, OPEC producers Saudi Arabia and the UAE are preparing to flood European and Asian markets with crude. Bloomberg reported that the Kingdom’s supply has now officially surpassed the 12 million bpd mark, compared to 9.7 million bpd. While some analysts remain doubtful that the kingdom is able to produce anywhere close to 12 million bpd, Riyadh is already resorting to drawing crude from its inventories to boost exports, and Saudi authorities have instructed Aramco to ramp up supply to 13 million bpd."
Oil price news
Saudi's cant keep that up surley? only takers, once storage if filled, will be traders (or China) renting takers... super tanker day rates are up +600% companies like "Frontline" doing rather well.
Trump could not pass financial aid for shale...only option is tariffs on imports or getting them talking as you say...will MBS let exports run a while, to pressurise the Russians or risk US trariffs
Note: "The U.S. imported 328.7 million barrels of oil from Saudi Arabia in 2018, an all-time low since the EIA began tracking the Saudi numbers in 1993 and about half of the peak in 2003"
Anyone got a drone handy?
Rgds Sft
The Texan.
I see it like this. If WTI stays at $20 for even a few months oil Companies are going to be going bust on a daily basis, all over the World. Trump and his team know this. In fact Russia, Saudi and just about every country that produces oil must know this too. Something simply must be done to prop the price up to minimum say WTI $35. Trump will somehow help out the USA oil Companies at minimum I'm sure but ideally we need USA, Saudi and Russia on board. Bottom line is something MUST be done. I really think it will.
All IMHO.
Thanks EC
Personally, I trust Reuters over Oilprice.com.
oil. One thing is for sure. Trump is not the type to do nothing about $20 WTI oil which would devastate the Worls oil industry, let alone the US oil industry.
https://uk.reuters.com/article/uk-global-oil-usa/trump-oil-ceos-to-discuss-aid-possible-tariffs-on-saudi-oil-wsj-idUKKBN21J6J9?il=0