OPEC and Russia meet on Thursday to try to agree to record oil output cuts but their efforts to address the slump in prices wrought during the coronavirus pandemic have been complicated by mutual animosity and the reluctance of the United States to join the action. Crude prices have slumped below the cost of production for many producers, including the booming U.S. shale oil industry. U.S. President Donald Trump said last week a deal he had brokered with OPEC leader Saudi Arabia and Russia could lead to cuts of as much as 10-15 million barrels per day or 10-15% of global supplies, an unprecedented reduction....
We hate to say this but, we told you so. On February 27th we published an article with the title Recession is Imminent: We Need A Travel Ban NOW and predicted a US recession when the S&P 500 Index was trading at the 3150 level. We also told you to short the market and buy […]...
Coronavirus is probably the 1 concern in investors' minds right now. It should be. On February 27th we published an article with the title Recession is Imminent: We Need A Travel Ban NOW. We predicted that a US recession is imminent and US stocks will go down by at least 20% in the next 3-6 […]...
Coronavirus is probably the 1 concern in investors' minds right now. It should be. On February 27th we published an article with the title Recession is Imminent: We Need A Travel Ban NOW. We predicted that a US recession is imminent and US stocks will go down by at least 20% in the next 3-6 […]...
U.S. President Donald Trump said on Wednesday U.S. oil producers have already cut production and he had many options if Saudi Arabia and Russia do not reduce their output when they and other exporters meet on Thursday. "Look, we already cut," Trump told reporters when asked if the United States would consider a coordinated production cut....
(Bloomberg) -- An unprecedented accord between the world’s largest oil producers to ratchet back production and rescue crude markets from a catastrophic pandemic-driven collapse moved closer within reach after Russia signaled it’s ready to make cuts.Moscow, whose grudge against U.S. shale is arguably the biggest obstacle for a deal to rescue the word’s oil industry from collapse, said Wednesday it’s willing to reduce output by an unprecedented 1.6 million barrels a day, or roughly 15%. Oil prices surged in New York.At stake is the fate of entire oil-dependent economies, thousands of companies and millions of oil industry jobs as the OPEC+ coalition and Group of 20 oil ministers gather in two key video conferences this week. Crude futures have plunged to the lowest levels in two decades as the lockdowns around the world slash oil demand by as much as 70% in some places and Russia and Saudi Arabia battle for...
Coronavirus is probably the 1 concern in investors' minds right now. It should be. On February 27th we published an article with the title Recession is Imminent: We Need A Travel Ban NOW. We predicted that a US recession is imminent and US stocks will go down by at least 20% in the next 3-6 […]...
