They both went crazy!" - Trump

[Xolodno]

https://www.yahoo.com/finance/news/trump-says-saudi-arabia-russia-131716916.html

U.S., Russia agree to oil market talks as Trump calls price war 'crazy'
By Timothy Gardner and Darya Korsunskaya
ReutersMarch 30, 2020, 6:17 AM PDT

By Timothy Gardner and Darya Korsunskaya

WASHINGTON/MOSCOW (Reuters) - U.S. President Donald Trump and Russian President Vladimir Putin agreed during a phone call on Monday to have their top energy officials meet to discuss slumping global oil markets, the Kremlin said, as Trump called Russia's price war with Saudi Arabia "crazy."

The agreement marks a new twist in global oil diplomacy since a failed deal by OPEC producers and Russia to cut production mingled with the fallout from the coronavirus pandemic to send oil prices into a historic tailspin. The falling prices have threatened higher-cost oil drillers in the United States and around the globe with bankruptcy.

"Opinions on the current state of global oil markets were exchanged. It was agreed there would be Russo-American consultations about this through the ministers of energy," the Kremlin said in a readout of the call.

=================================

No you moron, they conspired this market share war precisely to destroy US energy companies, it was the perfect time to do it. And guess what, to stabilize the prices, some of the US energy companies will have to go bankrupt and our exports will be reduced. Add to that, most, if not all sanctions on Russia will have to be removed.

Otherwise, you can kiss US oil, natural gas, etc. goodbye.

Side note, not saying this is a bad thing...but, its just substituting the devil we know vs. the devil we don't know.

[SCantiGOP]

1. Good analysis

But it is a bad thing now with trump in charge.
Will be beneficial if, in 10 months, the new Administration can use this to move to green energy. That will be much, much cheaper in the long run, and we won’t kill ourselves.

[marble falls]

2. Its really not a meeting if he's only showing up for Putin's instructions.

[lastlib]

3. Hey, we gotta prop up Rosneft & Gazprom stock......

....otherwise the 2016 election theft was for naught.....

[duforsure]

4. You can bet this is a lie from trump, he's totally compromised,

Their call was likely a plan for trump to get the oil sanctions lifted for putin ASAP. His economy is tanking badly now , so watch how long before either trump or he has a flunky start up calls for lifting sanctions. If you noticed trump is helping other countries while refusing help to people in this country.

[Celerity]

5. Large flaw in this analysis. The US is NOT dependent on shale to run it national state, but the KSA

is extraordinarily dependent of the oil price to run their nation state. According to the IMF, KSA needs around $83 USD per barrel to sustain, whilst [link:https://www.pbs.org/newshour/economy/why-russia-just-torpedoed-global-oil-prices|Russia only needs ar $40 a barrel.

That said, Brent crude fell to $22.58 (£18.19) a barrel at one point on Monday, its lowest level since November 2002. Those prices will crush both if sustained (or even lowered) over any sort of significant event horizon. US crude went below 20 USD yesterday, but overall oil is rallying a bit today.

Oil prices rally as Trump-Putin call raises truce hopes

https://www.theguardian.com/business/2020/mar/31/oil-prices-trump-putin-saudi-arabia-saudi-arabia-shell

Oil prices have rallied after a call between Donald Trump and Vladimir Putin raised hopes that tensions between Moscow and Saudi Arabia may start to ease.

Brent crude prices rose as much as 3.5% to $23.55 overnight, after hitting an 18-year low of less than $23 per barrel on Monday. The global benchmark for oil prices lost some of its gains later on Tuesday, but was still trading just above the $23 level at $23.01, a rise of 1.1%.

snip