business

Oil prices under pressure from Saudi-Russia dispute, but tariffs provide support

4 Comments
By Ahmad Ghaddar and Julia Payne

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4 Comments
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I am amazed oil is staying between $25 and $30bll. I wonder how long this will last due to the severe drop in ongoing demand.

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If the US doesn't curtail their own oil output, how do you expect the Saudi's and Russia to reach a mutual agreement to curtail theirs

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Several ideas...

Much of the world is doing what it can to get off of oil, as it should. As demand for oil decreases, there is less pressure on prices. The US has been keeping its domestic oil prices artificially high as a way to protect its own oil industry, which is not sustainable at prices below about $50 a barrel. The US has been pushing Putin and Saudi Arabia to curtail production, as a way to help it keep prices high. It appears that Putin is no longer interested in curtailing oil production. Oil is over half of Russia's economy, and Putin wants more money, which means more oil production. Saudi Arabia may be willing to cooperate with this White House, but that does not appear to be Putin's interest. Hurting the American economy is OK with Putin.

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Both Russia and OPEC has started a fire sale since they both know that the demand of oil will be dropping in the coming years due to the emerging Hydrogen economy.

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