One tweet from Trump and oil prices skyrocket tens of percent
The price of a barrel of crude oil has been rising for two days in a row. For the first time in three weeks, the price per barrel has exceeded $30.
Oil rig platform (public domain)
This seems to have reversed the declining trend of recent weeks. Oil was getting cheaper due to a combination of factors such as the concern about coronavirus and the argument between Saudi Arabia and Russia.
Saudi Arabia, the world’s second oil-producer, wanted to cut production to drive up the prices but Russia, world’s number three in the oil sector, did not go along with the proposal. That caused irritation to Saudi Arabia which in turn pumped up more barrels as a sign of protest. This brought more oil to the market, leading to the lowest prices in 16 years.
But now the end of the oil dispute between Saudi Arabia and Russia seems to be in sight. In a Twitter tweet, US President Trump said he had spoken to the leaders of both countries and they are working on an agreement. The US is currently the largest oil producer in the world.
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According to Reuters news agency, Russia and OPEC countries need to produce 10 million barrels less per day. That equates to 10 to 15 percent of global production. Russia is not a member of OPEC, the cartel of oil-producing countries, but does participate in the policy talks.
Just spoke to my friend MBS (Crown Prince) of Saudi Arabia, who spoke with President Putin of Russia, & I expect & hope that they will be cutting back approximately 10 Million Barrels, and maybe substantially more which, if it happens, will be GREAT for the oil & gas industry!
— Donald J. Trump (@realDonaldTrump) April 2, 2020
Consultations between the countries are scheduled for early next week. However, the Russian government officials denied that a deal has already been discussed. Several oil analysts also doubt whether reducing production by 10 million barrels is realistic.
Cheaper petrol
Oil prices are of great importance for companies in the transport and aviation industry as they largely determine the extent of the costs. For oil producing countries such as Venezuela and Nigeria, the oil revenues are also an important part of their GDP.
Fuel prices are still dropping for motorists who are happy to see that a liter of fuel at the pump is now about 10 percent cheaper than at the beginning of the year.