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[CNBC] Potential saudi/russia oil cut

Discussion in 'BBS Hangout: Debate & Discussion' started by Astrodome, Apr 2, 2020.

  1. Astrodome

    Astrodome Member
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    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
     
    #1 Astrodome, Apr 2, 2020
    dachuda86 likes this.
  2. dachuda86

    dachuda86 Member

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    Finally proof the PUTIN and Trump are working together.
     
    #2 dachuda86, Apr 2, 2020
    B@ffled and Severe Rockets Fan like this.
  3. Carl Herrera

    Carl Herrera Contributing Member

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    Well, given the price and the declining storage capacity... yeah, seems logical.
     
    #3 Carl Herrera, Apr 2, 2020
  4. NewRoxFan

    NewRoxFan Contributing Member

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    Hmm... I would not have put my bet on "putin calls trump a liar" square...

     
    #4 NewRoxFan, Apr 2, 2020
    adoo likes this.
  5. Pole

    Pole Houston Rockets--Tilman Fertitta's latest mess.

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    HE JUST CALLED OUR PRESIDENT A LIAR!!!!!!!!!!!!!!!!!!!!
     
    #5 Pole, Apr 2, 2020
  6. Severe Rockets Fan

    Severe Rockets Fan Takin it one stage at a time...

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    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.
     
    #6 Severe Rockets Fan, Apr 2, 2020
    Last edited: Apr 2, 2020
  7. WNBA

    WNBA Member

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    the oil price will increase anyway. recovered China are about to buy huge amount of oil...
     
    #7 WNBA, Apr 2, 2020
  8. Astrodome

    Astrodome Member
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    China isn't recovered. They are shutting more things down.
     
    #8 Astrodome, Apr 2, 2020
    Andre0087 likes this.
  9. dachuda86

    dachuda86 Member

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    Buy when the price is rising lol
     
    #9 dachuda86, Apr 2, 2020
  10. Severe Rockets Fan

    Severe Rockets Fan Takin it one stage at a time...

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    Apparently not everything is shutdown ...their cremation facilities are working overtime mysteriously...
     
    #10 Severe Rockets Fan, Apr 2, 2020
    Astrodome and Andre0087 like this.
  11. adoo

    adoo Member

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    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

     
    #11 adoo, Apr 2, 2020
  12. WNBA

    WNBA Member

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    that's your imagination.
     
    #12 WNBA, Apr 2, 2020
  13. B-Bob

    B-Bob "94-year-old self-described dreamer"

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    maybe trump just trying to create market news to blunt job numbers.
     
    #13 B-Bob, Apr 2, 2020
    NewRoxFan likes this.
  14. WNBA

    WNBA Member

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    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.
     
    #14 WNBA, Apr 2, 2020
  15. NewRoxFan

    NewRoxFan Contributing Member

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    [​IMG]
     
    #15 NewRoxFan, Apr 2, 2020
  16. Buck Turgidson

    Buck Turgidson Member

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    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.
     
    #16 Buck Turgidson, Apr 2, 2020
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