Wednesday, September 04, 2019

Energy 129, Fault in OPEC supply cut and oil price decline

Good news. World oil prices declining, now hovering at $53/barrel mainly because of higher supply from Iraq and Nigeria (they somehow disobeyed OPEC) and new all-time high US oil production, 12.5 million barrels per day (mbpd). See also US oil output, August of 2014-2016 (within last 3 years of Obama) vs August of 2017-2019 (Trump), huge discrepancy.

Obama was saying, "Yes to expensive oil so long as we keep US oil on the ground to help 'save the planet'." He's a good ally of Saudi and Russia. Trump does the reverse, "No to expensive oil, drill baby drill." He's a non-friend of Saudi and Russia. That's why the "Trump is Putin puppet" is an idiotic-moronic proposition at the onset.

Meanwhile another report,

Trade War Panic Sends Oil Lower
By Nick Cunningham - Sep 03, 2019, 6:00 PM CDT

“Oil prices fell sharply on Tuesday as fears over the economic fallout from the U.S.-China trade war returned.

On Sunday, a 15 percent tariff on roughly $112 billion worth of Chinese goods took effect, and retaliatory tariffs by Beijing on American goods also went up. Trump had previously decided to hold off on putting tariffs on a much larger $300 billion tranche of Chinese goods – the remaining levies are set to take effect in December. Together, the tariffs could impose the equivalent of a $1,000 tax on American consumers over the course of a year.”

See also:

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