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by cma
1248 days ago
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We joined on collusion for oil at the start of the pandemic with an oil production cut deal that lasted into 2022: > Oil prices remained depressed for the rest of March. On 2 April, U.S. President Donald Trump, after significant internal pressure, called Saudi Arabian crown prince Mohammed bin Salman, threatening to withdraw U.S. military support if OPEC and its allies did not cut oil production.[33] The following day, Russian President Vladimir Putin ordered energy minister Alexander Novak to prepare an extraordinary OPEC meeting and stated that global production could be cut by 10 million barrels. In response to Putin's statement, oil prices jumped.[34] Even with a 10 million bpd cut, the International Energy Agency estimated that global oil stockpiles would still increase by 15 million bpd. IEA's director, Fatih Birol, stated that 50 million jobs related to oil refining and retail was at risk globally.[35] US oil prices increased by 25% on 2 April, the biggest one-day increase in history. Brent oil increased to $32 on 3 April.[36] https://en.wikipedia.org/wiki/2020_Russia%E2%80%93Saudi_Arab... Almost as soon as we became a net exporter, we joined in on everything we complained about others doing in the 70s. |
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