Quote:
Originally Posted by Jim in CT
if those companies set prices ( and they don’t) why would they ever let oil dive to $35 a barrel.
what were their profits in 2020 Pete? in the toilet, thats where.
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Oil Nations, Prodded by Trump, Reach Deal to Slash Production
HOUSTON — Oil-producing nations on Sunday agreed to the largest production cut ever negotiated, in an unprecedented coordinated effort by Russia, Saudi Arabia and the United States to stabilize oil prices and, indirectly, global financial markets.
“President Trump, who spent the last three years criticizing OPEC, became the de facto president of the producer group,” said Helima Croft, head of global commodity strategy at RBC Capital Markets.
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