Mid-Week Review – April 8, 2020
Trump could tariff foreign oil. That won’t end the oil crisis
The drama playing out in the oil market is not short on oversized characters. But Vladimir Putin and MBS could soon have to make room for a new player: Tariff Man. President Donald Trump, who proudly calls himself Tariff Man, is threatening to use his favorite economic weapon to protect America’s beleaguered oil industry from aggression by Saudi Arabia and Russia. Click here to read more from CNN.
U.S. oil state senators to talk crude markets with Saudi officials Saturday
Republican U.S. senators who have introduced a bill that would remove U.S. defense systems and troops in Saudi Arabia unless it cuts oil output will hold a call with the kingdom’s officials on Saturday, a source familiar with the planning said on Tuesday. Click here to read more from Reuters.
Iran says US oil production must be known before OPEC+ call
Iran demanded on Wednesday that U.S. oil production levels must be known before an upcoming OPEC meeting with Russia and others seeking to boost global energy prices. The meeting of the so-called OPEC+ is scheduled to be held Thursday after officials delayed it following Saudi Arabia criticizing Russia over its comments about the price collapse. Click here to read more from Yahoo News.
A Saudi-U.S.-Russia oil deal is not a good idea
Now, storage room for crude is becoming scarce. Analysts warn darkly that plunging prices may threaten global economic stability. Equities follow the oil price news. Everyone seems to agree that prices should stop falling; and yet no one seems to argue that a very low oil price is exactly what the world’s economy needs to recover. Click here to read more from Bloomberg.
This article is part of Daily Market News & Insights
Tagged: crude markets, Iran, oil crisis, opec, Saudi officials, Saudi-U.S.-Russia oil deal, Trump, U.S.
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