Saudi Arabia & Russia Oil partnership breaks down : UPDATE - OPEC+ drops output, Oil prices plunge! Angola leaves OPEC!

[thatrapsfan]

Saudi Arabia, in Move Aimed at Russia, Cuts Oil Prices and May Raise Production


Saudis angry Russia didn’t want to continue cooperation on production cuts and about to increase production and offer steep discounts to make Russians get back to the table. Risky move because it could hurt Saudis own domestic economy - hence why MBS arrested his uncles this weekend.

Broader implications of low oil price:

-American shale producers already drowning in debt and could be entirely displaced at least in short term
-Many countries heavily dependent on high oil price for revenue will face more upheaval: Nigeria, Iran, Venezuela, Angola etc
-Canadian domestic politics about to get more chaotic as Alberta ( major oil producing province already in bad economic shape) gets hit even harder
-Lower gas prices prior to election - will this be a boon for Trump?
-Combo of this and coronavirus potentially leading to recession around the corner?

 

[DEAD7]

Well alright...

 

[Red Shield]

Wonder if this is why the usd exchange rate has been taking such a beating over the last few days

 

[ADevilYouKhow]

Let them fight gif

 

[the cac mamba]

just paid 2.45 for premium at costco

 

[FAH1223]

Saudi Arabia, in Move Aimed at Russia, Cuts Oil Prices and May Raise Production


Saudis angry Russia didn’t want to continue cooperation on production cuts and about to increase production and offer steep discounts to make Russians get back to the table. Risky move because it could hurt Saudis own domestic economy - hence why MBS arrested his uncles this weekend.

Broader implications of low oil price:

-American shale producers already drowning in debt and could be entirely displaced at least in short term
-Many countries heavily dependent on high oil price for revenue will face more upheaval: Nigeria, Iran, Venezuela, Angola etc
-Canadian domestic politics about to get more chaotic as Alberta ( major oil producing province already in bad economic shape) gets hit even harder
-Lower gas prices prior to election - will this be a boon for Trump?
-Combo of this and coronavirus potentially leading to recession around the corner?

That'd be bad for Trump ultimately

 

[Dameon Farrow]

That'd be bad for Trump ultimately

it honestly would be bad. I didn't think the coronavirus was pushing markets down like that but it's really hammering shyt and looks like another bad week is on the horizon. If I was Trump I'd be on this shyt nonstop but he likes to downplay it.

 

[FAH1223]

it honestly would be bad. I didn't think the coronavirus was pushing markets down like that but it's really hammering shyt and looks like another bad week is on the horizon. If I was Trump I'd be on this shyt nonstop but he likes to downplay it.

He's playing golf with the Washington Nationals today

 

[☑︎#VoteDemocrat]

 

[Red Shield]

it honestly would be bad. I didn't think the coronavirus was pushing markets down like that but it's really hammering shyt and looks like another bad week is on the horizon. If I was Trump I'd be on this shyt nonstop but he likes to downplay it.

Also looks like little to nothing has been coming into the ports since China shut down...

wonder when shortages of things that ain't medical related will really start showing up..

 

[☑︎#VoteDemocrat]

Saudi Arabia, in Move Aimed at Russia, Cuts Oil Prices and May Raise Production


Saudis angry Russia didn’t want to continue cooperation on production cuts and about to increase production and offer steep discounts to make Russians get back to the table. Risky move because it could hurt Saudis own domestic economy - hence why MBS arrested his uncles this weekend.

Broader implications of low oil price:

-American shale producers already drowning in debt and could be entirely displaced at least in short term
-Many countries heavily dependent on high oil price for revenue will face more upheaval: Nigeria, Iran, Venezuela, Angola etc
-Canadian domestic politics about to get more chaotic as Alberta ( major oil producing province already in bad economic shape) gets hit even harder
-Lower gas prices prior to election - will this be a boon for Trump?
-Combo of this and coronavirus potentially leading to recession around the corner?

 

[☑︎#VoteDemocrat]

 

[MoneyTron]

At what point to Trump voters that were living high off the hog for the past 3 years start turning on him because their losses are mounting?

 

[☑︎#VoteDemocrat]

 

[the cac mamba]

At what point to Trump voters that were living high off the hog for the past 3 years start turning on him because their losses are mounting?

when they get laid off. thats the only thing that will turn them