Saudi Facing OPEC Mutiny As Members Object To "Problematic" US Influence | WHAT REALLY HAPPENED


Saudi Facing OPEC Mutiny As Members Object To "Problematic" US Influence

As US stocks seesaw with every conflicting trade-war related headline, investors are fixating on tomorrow night's dinner meeting between President Trump and President Xi with laser-like focus. But the Trump-Xi summit isn't the only meeting that could have broad repercussions for global markets, and though it has received much less attention in the press, the planned meetings between Russian President Vladimir Putin and Saudi Crown Prince Mohammad bin Salman (along with the Russian and Saudi energy ministers) could dictate the course of global oil prices for the foreseeable future.

Looming over the Saudi-Russia talks are suspicions that Saudi Arabia has been accelerating production of oil beyond the cuts adopted by OPEC+ in November 2016 to placate President Trump - a conspiracy "theory" first highlighted by Zero Hedge weeks ago, which has finally won acknowledgment in the pages of the Wall Street Journal and other mainstream press.

But while Saudi and Russia are equipped to weather lower-for-longer oil prices (Putin has said he's "absolutely fine" with oil at $60 a barrel), especially if it means they don't cede market share to the booming US shale industry, other OPEC members have been frustrated by the bilateral agreement to raise output through the end of the year.

Webmaster's Commentary: 

Remember what I mentioned in my article today, about the meeting of Saudi Prince Bin Salman, and the Russian President Putin?!?

I have a very strong feeling, that I might well have been right!!

And again, there will be utterly nothing President Trump can do to unseal, or scotch the deal, where payment on the oil will most likely be in another denomination than that of the US dollar.

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