This is a developing story. Check back for updates. President Donald Trump expects Russian President Vladimir Putin and Crown Prince of Saudi Arabia Mohammed Bin Salman to announce a deal on a production cut, the president said to CNBC. The president is expecting a cut of 10 million barrels, although the cut could be as high as 15 million barrels. https://www.cnbc.com/2020/04/02/tru...russia-to-announce-10-million-barrel-cut.html
Ah ha! Proof that they’re really best buds! But seriously, that’s really strange that Trump would make this big announcement while Putin says he never spoke to the Prince.
Apparently not everything is shutdown ...their cremation facilities are working overtime mysteriously...
lest, we forget Trump had also publicly announced that anyone who wants a COVID 19 test can can one. he has never known about the COVID 19 test problem if history is any indication, most probably, the carnival barker is lying
Because there is a big buyer, the price will go up. You messed up the sequence and logic. Also China would not mind the price going up. Giving Russa and Saudi free money in order to keep their energy safe seems to be a valid strategy. It is time to spend money.
It's not the cuts in production, it's the downshift in demand driven by the pandemic. ~12% lower demand globally so far, estimates are up to 26% later in April. Much like many other industries, oil and gas is ripe for restructure.