FILE - In this Wednesday, April 8, 2020, file photo, the sun sets behind an idle pump jack near Karnes City, Texas. Demand for oil continues to fall due to the new coronavirus outbreak. As demand for fuel plummeted worldwide and the oil industry faced a devastating drop in oil prices, the U.S. took the rare move of stepping into negotiations involving the member countries of OPEC and non-members such as Russia and Mexico.
However, danger still lurks for the market. Algerian Oil Minister Mohamed Arkab, the current OPEC president, warned attendees that the global oil inventory would soar to 1.5 billion barrels by the mid-point of this year.“Despite the progress to date, we cannot afford to rest on our laurels,” Arkab said. “The challenges we face remain daunting.”
OPEC has 13 member states and is largely dominated by oil-rich Saudi Arabia. The additional countries part of the plus-accord have been led by Russia, with Mexico under President Andrés Manuel López Obrador playing a considerable role at the last minute in the initial agreement. Russia’s move enraged Saudi Arabia, which not only said it would not cut production on its own but that it would increase output instead and reduce its selling prices in what became effectively a global pricing war.
However, some countries produced beyond their quotas set by the deal. One of them was Iraq, which remains decimated after the yearslong war against the Islamic State group.
with
Otherwise known as manipulation.
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All those people that bought big trucks and cars because they thought cheap gas was going to last. Think again.
What you mean is pricefixing.
🤮🤮🤮🤮🤮🤮🤮🤮🤮🤮🤮🤮🤮
Oh no, oil isn’t seeing enough profits during the pandemic
What they weren't making enough money? Fuck these guys.
Collusion is ok because...oil/ money.
The extent of the 'second wave' will be inversely proportional to the price of oil in September. If RUS-KSA keep selling cheap oil to China and locking out US producers, we may see a 'spike' in the pandemic as liberal institutions prevent Trump from going to war. COVID19PSYOP
narendramodi PMOIndia If China not handover Aksai-chin to India then India will attack on China with artillery 250 times more than 1967 War (Nathu La & Chola)
This gas increase has been brought to you by Donald J. Trump! The first President in American history to bargain with OPEC to raise oil prices on American citizens.
Yes, Trump is 100% responsible for this. He asked Russia & Saudis to cut crude oil The cretin Trump incidentally is also: 1) helping his enemy Venezuela get revenue 2) promoting environmentalism & fighting climate change 3) helping us move to solar & wind
Aside from the environmental benefits, this is exactly why we should be investing in renewable energy. A few select con tries shouldn’t be screwing the entire planet.
For the Common good they say, cutting daily production to boost oil prices will definitely become everyone's best interests.
Thank you Mr President.
Hey, thanks. Thanks a lot.