Trump Brokers Saudi / Russia Oil Deal (1 Viewer)

[wardorican]

Trump touts 'great' Saudi-Russia oil deal to halt price rout, but details unclear

U.S. President Donald Trump said on Thursday he had brokered a deal with top crude producers Russia and Saudi Arabia to cut output and arrest an oil price rout amid the global coronavirus pandemic, though details of how cuts would work were unclear. Trump said the two nations could cut output...

finance.yahoo.com

Seems like a positive development to stop the additional economic bleeding. Good job Trump! (See, I can do this).

I'd like to know how he persuaded them, but for now, I'll chalk it up as a win.

 

[The moose]

Do you think that trump had more to do with it than actually the world is short on oil storage facilities

I saw an article a couple of days ago that said exactly that. They are not selling product so nowhere to store product.

Trump can take credit but it was not him it was supply and demand. Got no demand and plenty of supply.

We're Barreling Toward An Epic Glut Of Oil

The supply of oil has surged as the coronavirus pandemic has destroyed demand. Prices have plummeted and analysts are starting to ask if the world will have enough space to store all the extra oil.

www.npr.org

 

[dtc]

Do you think that trump had more to do with it than actually the world is short on oil storage facilities

I saw an article a couple of days ago that said exactly that. They are not selling product so nowhere to store product.

Trump can take credit but it was not him it was supply and demand. Got no demand and plenty of supply.

We're Barreling Toward An Epic Glut Of Oil

The supply of oil has surged as the coronavirus pandemic has destroyed demand. Prices have plummeted and analysts are starting to ask if the world will have enough space to store all the extra oil.

www.npr.org

Tankers sitting full of oil with no place to go makes a huge impact on producers.

 

[Maxp]

Saudis gobbled up all the tankers it could for two reasons. 1 to store their oil and 2 to keep others from moving theirs. In the short to medium term, this doesn't do much of anything. No operators are going to spend money on any projects this year.

 

[efil4]

what a deal. its a beautiful deal.

Talks to Cut the World’s Oil Production Drag On for a Third Day

The world’s largest oil producers were still grasping for a deal to rescue energy markets from a coronavirus-induced collapse after three days of talks. Mexico remains the last holdout.

www.bloomberg.com

 

[The moose]

what a deal. its a beautiful deal.

Talks to Cut the World’s Oil Production Drag On for a Third Day

The world’s largest oil producers were still grasping for a deal to rescue energy markets from a coronavirus-induced collapse after three days of talks. Mexico remains the last holdout.

www.bloomberg.com

So he sold out our oil production to get Mexico to fall in line?

Maybe he should have not treated them like shirt for so long. I am kinda proud of Mexico for standing up for themselves.

I guess that is the exact opposite of Mexico paying for the wall.

 

[Port City JJ]

Do you think that trump had more to do with it than actually the world is short on oil storage facilities

I saw an article a couple of days ago that said exactly that. They are not selling product so nowhere to store product.

Trump can take credit but it was not him it was supply and demand. Got no demand and plenty of supply.

We're Barreling Toward An Epic Glut Of Oil

The supply of oil has surged as the coronavirus pandemic has destroyed demand. Prices have plummeted and analysts are starting to ask if the world will have enough space to store all the extra oil.

www.npr.org

This was my exact thought. how can trump take credit. Global demand has tanked (bad pun) there is no one to buy the oil. they HAD to cut production.

 

[surada]

Saudis gobbled up all the tankers it could for two reasons. 1 to store their oil and 2 to keep others from moving theirs. In the short to medium term, this doesn't do much of anything. No operators are going to spend money on any projects this year.

Saudi Arabia doesn't store oil in tankers. Maybe you are thinking of Iran during the Obama administration. Half their fleet was parked for storage purposes. Storing oil above ground is idiocy and contribute to losses and increases cost of the ppb.

Trump hasn't "negotiated" anything.. He's not a negotiator.

 

[Maxp]

Saudi Arabia doesn't store oil in tankers. Maybe you are thinking of Iran during the Obama administration. Half their fleet was parked for storage purposes. Storing oil above ground is idiocy and contribute to losses and increases cost of the ppb.

Trump hasn't "negotiated" anything.. He's not a negotiator.

So what are they doing leasing 40 tankers?

 

[surada]

Saudi Arabia doesn't store oil in tankers. Maybe you are thinking of Iran during the Obama administration. Half their fleet was parked for storage purposes. Storing oil above ground is idiocy and contribute to losses and increases cost of the ppb.

Trump hasn't "negotiated" anything.. He's not a negotiator.

So what are they doing leasing 40 tankers?

They have always owned and leased tankers.. They are shipping oil world wide. Don't jump to conclusions. The SAG is very , very savvy. Trump is a boob.. They know that.

 

[samiam5211]

I got to give Trump credit. No president has ever gotten oil prices this low.

 

[The moose]

I got to give Trump credit. No president has ever gotten oil prices this low.

Yep he gets credit for a fight between Saudi Arabia and Russia!

Had exactly not one darn thing to do with me paying a buck thirty per gallon today.

 

[samiam5211]

Yep he gets credit for a fight between Saudi Arabia and Russia!

Had exactly not one darn thing to do with me paying a buck thirty per gallon today.

I don’t think he’s going to be trying to take credit for negative 30 dollars a barrel.

 

[The moose]

I don’t think he’s going to be trying to take credit for negative 30 dollars a barrel.

Good read it actually went negative because of the way it is sold.


Negative in other words worthless.


Good read
https://www.nytimes.com/2020/04/20/...errer=https://www.google.com&amp_tf=From %1$s

 

[Reason10]

Trump touts 'great' Saudi-Russia oil deal to halt price rout, but details unclear

U.S. President Donald Trump said on Thursday he had brokered a deal with top crude producers Russia and Saudi Arabia to cut output and arrest an oil price rout amid the global coronavirus pandemic, though details of how cuts would work were unclear. Trump said the two nations could cut output...

finance.yahoo.com

Seems like a positive development to stop the additional economic bleeding. Good job Trump! (See, I can do this).

I'd like to know how he persuaded them, but for now, I'll chalk it up as a win.

Part of being a great businessman is being a good negotiator. America never really had a good negotiator for a president. Most of them were lawyers who just caused the price of everything to go up. The last negotiator to come anywhere near the level of Trump was Nixon.

 

[Maxp]

One of my buddies from college said Goldman told him prices would be back near $60 a barrel by end of summer two weeks ago. I didn't bother asking him today what Goldman told him on his conference call.

 

[Intensesaint]

One of my buddies from college said Goldman told him prices would be back near $60 a barrel by end of summer two weeks ago. I didn't bother asking him today what Goldman told him on his conference call.

Just so you know, this was not for the actual price of Light Sweet Crude barrels, but just a contract that is expiring tomorrow. People didn't want to have to take physical possession of those barrels so they were trying to dump them, even pay people to dump them.

 

[surada]

I got to give Trump credit. No president has ever gotten oil prices this low.

Trump had NOTHING to do with the price of oil.