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  • Trump says U.S. would cut oil production by additional 250,000-300,000 bpd

Added at 2:51pm

Added at 2:51pm

So Mexico gets to reap the benefit of ignoring the calls for a production cut because the US is picking up the tab for them????

Ummmm, if I was one of the other OPEC+ members, I'd be like "Yeah I'm not cutting neither. Trump can you cover me too?"

Trump is a complete and utter moron on every level.
Will the next week start with a big positive gap for WTI?
Quoting ww3361
So Mexico gets to reap the benefit of ignoring the calls for a production cut because the US is picking up the tab for them???? Ummmm, if I was one of the other OPEC+ members, I'd be like "Yeah I'm not cutting neither. Trump can you cover me too?" Trump is a complete and utter moron on every level.
Even you make the Oil Cut deal happen or lose your shale indrustry.
Quoting zOrO2kX
{quote} Even you make the Oil Cut deal happen or lose your shale indrustry.
Agree. It’s desperate words from POTUS. And as always, baseless/misleading/manipulative.
So can ANYONE tell me here how many barrels each country is going to cut?
And what that cut represents as a % of their most recent 3 month average production levels.?
ANYONE?
Warning: A Dangerous Subversive: 1% of comments CoCed
Starting from may, the cuts should be 10-11% of worldwide production. About 10-11 mil barrels a day. Someone correct me if this is not accurate.
Everyone can see the chart, but only a few can actually read it.
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This group is playing a zero sum game....currently there is no demand for oil due to lock-downs . Even if they reduce the outputs. Oil prices is still going to oscillate between 20-30 dollars. I am also reminded that this covid-19 is just peeking up in developing countries. The foreseeable future oil prices is $15
Quoting OnlineAddict
Starting from may, the cuts should be 10-11% of worldwide production. About 10-11 mil barrels a day. Someone correct me if this is not accurate.
If OPEC agree. They haven’t agreed yet. They seem extremely close but the last statement said all hinges on Mexico. No word of OPEC being happy with Trumps offer to cut for Mexico.
OPEC wanted to destroy shale industry, why would they cut now.
Quoting Guest
This group is playing a zero sum game....currently there is no demand for oil due to lock-downs . Even if they reduce the outputs. Oil prices is still going to oscillate between 20-30 dollars. I am also reminded that this covid-19 is just peeking up in developing countries. The foreseeable future oil prices is $15
Yes.. inventory/storage is the key issue in current overproduction at well-head . and creates potential for another sharp leg down in prices. We are already finding shipping prices being doubled as excess inventory is being stashed in floating storage as onshore storage fills. What info I have received suggest that unless output is decisively curbed by May 1 will see a real storage crisis hit the market. And even that may not be enough.
Perhaps others may have better info on this ? We dont normally trade energy and thus are not fully familiar with the detail of these developments. I assume backwardation is in big play? No?
Anyone?
Warning: A Dangerous Subversive: 1% of comments CoCed
Quoting ww3361
So Mexico gets to reap the benefit of ignoring the calls for a production cut because the US is picking up the tab for them???? Ummmm, if I was one of the other OPEC+ members, I'd be like "Yeah I'm not cutting neither. Trump can you cover me too?" Trump is a complete and utter moron on every level.
No one is following the US's lead. That era is over. Trump is acquiescing to Russia's demands and using Mexico as some type of proxy, because the oil cartels have the US by the nads.

It's not about oil production. This is about the petrodollar.
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Quoting RossEdwards
{quote} Yes.. inventory/storage is the key issue in current overproduction at well-head . and creates potential for another sharp leg down in prices. We are already finding shipping prices being doubled as excess inventory is being stashed in floating storage as onshore storage fills. What info I have received suggest that unless output is decisively curbed by May 1 will see a real storage crisis hit the market. And even that may not be enough. Perhaps others may have better info on this ? We dont normally trade energy and thus are not fully familiar...
This is it . What then happens if the floating storage fills up ?
so this basically means USOIL will continue to come down next week?
Trump is pumping the stock markets so hard (his reelection depends completely on that, at least it's what he thinks). Taking Mexico's share is just another part of that pumping, he is flooding with money any bad news that could send stock markets down (money that will be paid to the shale industry as compensation for the loss).
Hmm... after rising 40% USOIL can rise again if this particular level is held. Here is my analysis:

https://youtu.be/jPTHoq0d-nE
Technical Analyst & Trader @ Vikinsa
Quoting OnlineAddict
Starting from may, the.. ... . Someone correct me if this is not accurate.
Yeah.

When 1.45 bubula??

Remember!?

Quoting OnlineAddict
{quote} Yes, there will be 1.45,

I never said a 1500 pip move would come soon, I am not trading demo like you.

It may take months or a year, I don't really care,
I will keep buying the dips and...
Blaaaa...
Lies too..... +1:
LOL

WHEN 1.45 ???

Great wise Onlinus Longus!!!
Beware of robber banks (RB), bad advisors.
Quoting reza888
Will the next week start with a big positive gap for WTI?
Why???

First oil is useless trash. No future.

Second economy is not working.

Third it's ALL LIES.

When oil gets to 7 dollars i may think MAYBE buy.
Beware of robber banks (RB), bad advisors.
Quoting Not-KPMG
{quote} Hi pal I don't trade oil, never will. It's fraud. I...

. 7.45 dollars seem good buy, if i bother to buy. Remember - all electric is coming . Again - talking years ahead .
I said in February.👏👏😲
Was 50 bucks...

Sue me.
Beware of robber banks (RB), bad advisors.
Quoting Not-KPMG
{quote} Why??? First oil is useless trash. No future. Second economy is not working. Third it's ALL LIES. When oil gets to 7 dollars i may think MAYBE buy.
But after the OPEC meeting, will there be no impact at all you think?
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