Historic Oil Deal and have heard diddly on it from one major so called news network, which starts with a N They are all about the gloom and doom and report hate and nothing positive like usual.

The deal is huge and should shore up jobs in oil industry.

Heard this morning that the oil war is over. Gas prices should start to climb again.

Trump Says OPEC+ Planning To Cut Production 20 Mn Bpd

AFP - Agence France Presse
April 13, 2020







Top global oil producers are considering cutting production by 20 million barrels per day under the terms of a deal to boost prices, US President Donald Trump said on Monday.

Trump, who took credit for brokering the deal, said the agreement was bigger than expected and will help the energy industry recover from the impact of the coronavirus pandemic.

"Having been involved in the negotiations, to put it mildly, the number that OPEC+ is looking to cut is 20 Million Barrels a day, not the 10 Million that is generally being reported," Trump tweeted.

"Thank you to all of those who worked with me on getting this very big business back on track, in particular Russia and Saudi Arabia."

Oil prices have been hammered by a slump in global economic activity caused by the pandemic, as well as a price war between Saudi Arabia and Russia.

Top producers have been inching towards a deal for days, with an agreement announced on Friday and Trump saying he would help Mexico, which had resisted cutting production, meet its end of the deal.

OPEC producers dominated by Saudi Arabia and allies led by Russia again met by videoconference on Sunday to cement the agreement.

Oil prices rose in Asian trading Monday but slipped back as markets closed, with traders fearing that the deal wouldn't cut production enough to support prices and make up for lost demand.

^ Great News! I'm hoping it will help the oil working environment in US.

What I want to see is some national news that reports it as good news not trying to report on finding faults in a positive event. NBC will turn a positive into negative one way or another. Tune in and watch the hate even thou it will help millions in the oil business.

good,maybe it'll get my son outta my basement.

Very good news. Oil will rebound, our country thrives off of it. Just not so much as of late. Much needed.

Great. Also heard the other day they found a new deposit in Alaska close to the pipeline. Billions and billions of barrels

We best recover in a few months as 20 million per day is large but usage is down about 30-35 million per day. If this stays longer and all the available tankers and storage places for oil and not just fuel are full we could see some historic drops in oil What will help in the USA is that farmers will plant nearly 250 million acres of crops this spring and oil is a major ingredient in all the chemicals used as well.

Bryce

Right ! All this would really do is reduce the rate of storage. It doesn't increase demand

I must be looking at this wrong.I have been out of work because of this crap,my retirement went to crap and I`m 57.Now the gas prices will start to go up and you guys think I should be happy about this.From what I`m hearing and seeing this covid thing isn`t something to shut this country down over.I`m ready to go back to work.

It's always nice to see the free market at work.

Good thing oil supply is controlled by a commie style marketing board and not the free market.

fishins slow today eh Boco.

Fishing?lol we got 2 feet of snow last night.

OPEC is not a marketing board. It is a production/export group. Neither are they commie. Some of the members are communist but not most. OPEC only controls, to some extent, the supply side. They are able to control price through selling at a certain price. They are not able to control consumption for the most part.
The demand for petroleum products will effect oil prices. Prices will almost certainly rise as usage increases.
Maybe forcing people to stay home, giving them a govt. check to do so, is some people's solution to climate change!
mt

Trump mentioned it at a news conference maybe a week ago, mainstream reporters tried their best to poke it full of holes and or downplay it.

At the time Trump made the announcement he was working with mostly Mexico and was stating there was an agreement that there would be 10 million less per day, so maybe there has been more movement but there is no real value in what is being done here until demand increases. Look at the fur market. We can't get cost of production prices on 35 million ranch mink today when we could get 2=3x times that when we had 70 million pelts. With no real demand, supply becomes a non issue, and if you were of the mind do stage a price war with oil why not when prices are really, really low as revenues are already way down, so percentage wise for losses it is not nearly like it would have been at say $60-70 per barrel.

Bryce

Did you watch the news conference, because that is not what was said.

Just watched the fake news hate news NBC and they nevah said a word about the oil deal. I hate watching their one sided democratic party fake new but wanted to see if they covered the event. No not one word, but was filled with hate and criticism what should of been and why was things done that way was their platform on every subject they had.

They had barny giving his endorsement to dementia joe for pres.