OPEC Again Faces Choice Between Trump's Wrath and Oil Slump - Bloomberg:
It’s becoming a familiar choice for OPEC: risk the pain of an oil-price slump, or provoke the wrath of President Donald Trump.
After another warning on Twitter on Monday to avoid pushing crude higher, Saudi Arabia and fellow Organization of Petroleum Exporting Countries producers again are faced with a dilemma: suffer a market rout that batters their export-dependent economies or defy the president, who could enforce legislation that shakes the group to its foundations.
OPEC and its allies started a new round of output cuts last month to avert a surplus being created by record U.S. shale-oil output and fragile global fuel demand. Crude prices have rallied more than 20 percent this year, an obstacle for Trump while he exerts diplomatic pressure on two major OPEC nations: Iran and Venezuela.
No comments:
Post a Comment