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Oil prices spike by a record 25% as Trump talks up huge production cuts and Saudi Arabia calls for OPEC meeting

 
Anonymous Coward
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China
05/02/2020 04:16 AM
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Oil prices spike by a record 25% as Trump talks up huge production cuts and Saudi Arabia calls for OPEC meeting
Oil prices spike by a record 25% as Trump talks up huge production cuts and Saudi Arabia calls for OPEC meeting

[link to edition.cnn.com (secure)]
Anonymous Coward
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Finland
05/02/2020 05:29 AM
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Re: Oil prices spike by a record 25% as Trump talks up huge production cuts and Saudi Arabia calls for OPEC meeting
this spike form the ultra low baseline is not enough to make the US shale oil profitable ...


"Big cuts by Russia would undermine its goal of drowning high-cost US shale producers in a sea of cheap oil.
The recent crash in oil prices to $20 a barrel will likely set off a wave of bankruptcies and job cuts in the US oil industry, including in many Republican-leaning states"


it's an assumption Russia has the goal of destruction of the US shale oil industry ...


mnore like a message, that they could do it ... also Russia would most probably like Trump admin to rethink the Nprdstream2 sanctions on EU and Russia if they don't want their shale oil industry tanking ...
Anonymous Coward
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United States
05/02/2020 06:01 AM
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Re: Oil prices spike by a record 25% as Trump talks up huge production cuts and Saudi Arabia calls for OPEC meeting
That's an April 2 article. A lot has changed in the last 30 days. WTI crashed to less than $-20 a barrel. It has since gone back to $20 as expected after the surpluses of last month cleared. God knows what it is going to do in 3 weeks again if the surpluses can't be cleared again. But right now the prices are:

[link to www.bloomberg.com (secure)]

And didn't move that much in the last few das.

Gas around here is $1.55 a gallon. It's cheaper than windshield washer fluid.
MissCleo

User ID: 77082640
United States
05/02/2020 06:05 AM

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Re: Oil prices spike by a record 25% as Trump talks up huge production cuts and Saudi Arabia calls for OPEC meeting
Saudi Arabia fuckery.

They've been skimming the US Stock market and gold for the past week. Also pumped up bitcoin to take a rake.
Anonymous Coward (OP)
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05/02/2020 06:17 AM
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Re: Oil prices spike by a record 25% as Trump talks up huge production cuts and Saudi Arabia calls for OPEC meeting
This feels like Obama's 3rd term.





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