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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsOil Nations, Prodded by Trump, Reach Deal to Slash Production (April 2020)
The funny thing is that Biden is being blamed for the results of policy sought by Republicans, which was to slash oil production and increase oil consumption to bolster oil companies. Now, OPEC nations are pointing to these agreements regarding why they are now slowing production and jacking up oil prices in the face of the current war.
Between Trump's conspiring with Russia on the one hand and trying to slash oil production in the years to come, you would think that Republicans were in bed with Putin.
https://www.nytimes.com/2020/04/12/business/energy-environment/opec-russia-saudi-arabia-oil-coronavirus.html
Saudi Arabia and Russia typically take the lead in setting global production goals. But President Trump, facing a re-election campaign, a plunging economy and American oil companies struggling with collapsing prices, took the unusual step of getting involved after the two countries entered a price war a month ago. Mr. Trump had made an agreement a key priority.
It was unclear, however, whether the cuts would be enough to bolster prices. Before the coronavirus crisis, 100 million barrels of oil each day fueled global commerce, but demand is down about 35 percent. While significant, the cuts agreed to on Sunday still fall far short of what is needed to bring oil production in line with demand.
The plan by OPEC, Russia and other allied producers in a group known as OPEC Plus will slash 9.7 million barrels a day in May and June, or close to 10 percent of the worlds output.
I_UndergroundPanther
(12,450 posts)Would just stop calling lost the election twice impeached orange traitor by the title of president trump.
Ffs he is no longer president.
He is actively working against America with the saudi psycho twats. So when do we drag orange asshole to prison?
Why dont we still call Obama president in every article and newscast?
Fuck trump I'd rather he be called putrid orange traitor trump.
But alas the right wing assholes own too much of our media to let the truth interfere with reality . And the orange fucker is with putin along with faux..fuck these authoritarian dominionist fools.
uponit7771
(90,225 posts)TomCADem
(17,378 posts)
by throwing Ukraine and NATO countries under the bus and Russia would sell enough oil for a relatively mild price bump, which help it finance Putins war machine.
There is a reason why right wing media has been going pro-Putin in recent years and it is at the behest of corporate oil interests.
Indeed, the wars impact on oil prices has been a windfall for oil companies.