Talking out of his ass ... Again.

[denem]

Empty words: Trump's oil tweets ...

... trump: ‘’Just spoke to my friend MBS (Crown Prince) of Saudi Arabia, who spoke with President Putin of Russia, & I expect & hope that they will be cutting back approximately 10 Million Barrels, and may be substantially more which, if it happens, will be GREAT for the oil & gas industry!’’

The oil price immediately shot up above $US34 a barrel.

The only problem with that tweet was that (a) the Saudis hadn’t actually agreed to anything – Crown Prince Mohammed bin Salman had just listened - and (b) the Russians were quick to say there had been no conversation with the Saudis. The price retreated to just below $US32 a barrel.

The Saudis, Russians and other members of the OPEC+ group did agree to meet this week. Originally scheduled to happen on Monday, it now appears that, if the meeting is to be held, it will be on Thursday.

The sticking point for any agreement appears to be that the Russians and Saudis will only agree to cutting their own production if all the other producers – including the US – also cut theirs.

https://www.smh.com.au/business/markets/empty-words-trump-s-oil-tweets-and-tariffs-won-t-prevent-pain-20200406-p54hgf.html

[True Blue American]

1. Notice

Trump did not say he talked to Putin this time. Last time Putin said,” Nyet! Did not happen.”

Trump has done Putin’s dirty work, does not need him any more.

[Chainfire]

2. So, tell me

Why is it "great" for Americans when foreign governments manipulate the supply of oil in order to increase the price at the pump?

Personally, I like gasoline for under $2.00 a gallon, I guess I am just unpatriotic.....

[ProfessorGAC]

3. Beside That...

...world wide demand is down 30 million barrels a day.
Since this has been going on now for 18 days, there's already 6 days of normal demand in storage.
Then the 10 million barrel cut still mean 0.222 days of excess flow per day.
The truth is, they're cutting production because they're running out of storage.
This is just international grandstanding on the part of Trump & those two countries.
They're trying to avoid the expenses of shutdown/restart and making it look like something else!