Tankers Anchored Off California, Hundreds Off Singapore As Oil Industry Shuts Down | WHAT REALLY HAPPENED

Tankers Anchored Off California, Hundreds Off Singapore As Oil Industry Shuts Down

As the recent OPEC summit so vividly demonstrated, the marginal price of oil is no longer determined by supply or cuts thereof (such as the recently announced agreement by OPEC+ for a 9.7mmb/d output cut), but rather by demand, or the lack thereof, which according to some estimate is as much as 36mmb/d lower, or roughly a third of the global oil market every day, as billions of people are stuck at home instead of driving, while major corporations mothball production in a world where major economies have ground to a halt.

Webmaster's Commentary: 

Riyadh has blinked and missed, and crashed and burned with this latest debacle; President Trump is far from amused, and I would like to hope that he will take this moment as an opportunity to realize that his "frenemy", Prince Mohammed bin Salman, has been "relieving himself" in Trump's face, and telling him it's raining, just as he did when he convinced President Trump to send US"advisors" to Yemen to participate in Saudi war crimes in that beleaguered country. and assured him that the operation would "only take a couple of months."

And that... let's see, was three years ago, right, Mr. President?!?

And we are still "advising" Saudi troops in Yemen, right, Mr. President?!?

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