(Bloomberg) -- President Donald Trump ramped up threats to use tariffs to protect the U.S. energy industry from a historic glut of oil, as efforts to forge a global deal to cut output appeared to lose momentum.Trump said Saturday at a White House press briefing he’d use tariffs if needed to protect the domestic oil industry, even as he predicted that Saudi Arabia and Russia would come to an agreement to cut output and stem the rout in prices.But such a deal looked a bit further from reach at the weekend after a diplomatic row between Saudi Arabia and Russia. A gathering of OPEC+ members and other producers scheduled for Monday was pushed back, to give more time for negotiations.Saudi Arabia, which launched a price war last month with Russia after OPEC+ talks broke down, has made clear that it won’t cut production unless other producers -- including the U.S. --...
(Bloomberg) -- Saudi Aramco delayed the release of its key monthly oil pricing list until later this week as the kingdom trades barbs with Russia about the OPEC+ meeting aimed at ending the collapse in oil prices.A new date for the announcement of Aramco’s official selling prices for May is not yet set, and the release could be pushed to Tuesday or Thursday, according to a person with knowledge of the situation who asked not to be identified because the information is private. It was due to be published today.The state oil giant is delaying the announcement to await an indication on what may happen at an OPEC+ meeting planned for Thursday to discuss crude production levels after the collapse in demand due to coronavirus. The Saudi, Russian exchange of diplomatic attacks is opening a fresh rift between the world’s two largest oil exporters and jeopardizing a deal to cut production.This...
(Bloomberg Opinion) -- The global oil industry is on its knees. Without action from producers to reduce supply, the situation will get much worse as the world runs out of places to store crude pumped out of the ground that nobody wants. A big production cut could delay reaching that breaking point, perhaps for long enough for demand to start to pick up again. But it won’t happen unless everybody plays their part.The oil market got quite in a flap over President Donald Trump’s Thursday tweet that Saudi Arabia and Russia had agreed to cut production. But it’s quite clear from subsequent comments out of Riyadh and Moscow that nobody had pledged any such cuts; not of 15 million barrels, nor 10 million, nor even anything at all. In fact, the leaders of Russia and Saudi Arabia hadn’t even spoken with each other. Perhaps Trump was just getting his ducks in a row — setting up a...
Mortgage rates slide, as risk aversion and a slide in applications weigh. A 3rd weekly decline could be on the cards as COVID-19 hits the labor market....
