Psst, Whiny Donny, about your Saudis friends
The downward spiral in oil prices is accelerating as a surge in crude production from a turbocharged U.S. petroleum industry runs into weaker global economic growth.
As economic growth outside the U.S. has flagged, producers and traders are beginning to worry that demand for crude will also decline. In export-dependent Germany, a purchasing managers index hit a four-year low, well below the level economists were expecting. The steepness of the drop has prompted Saudi Arabia and the Organization of the Petroleum Exporting Countries to consider a plan to quietly cut production to bolster prices, according to people familiar with the matter.
From https://www.wsj.com/articles/in-oils-huge-drop-all-signs-say-made-in-the-u-s-a-1543003398 (paid subscription)
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