Sunsettommy
Diamond Member
- Mar 19, 2018
- 15,177
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Just like Trump did when they cut production in 2020.
So, you LIE the very next day after YOU posted YOUR link showing WHY Trump and others had to cut production.
Here for the second time my reply to YOUR POST 61,
Your first link states:
"Key Points
- As the Organization of the Petroleum Exporting Countries and its allies came to an agreement on a record cut in oil production, U.S. President Donald Trump may have struck his “biggest and most complex deal,” according to oil expert Dan Yergin.
- Commenting on the deal that has been struck by OPEC+, Yergin said it has “bought time” and avoided a “disaster” for the oil industry."
"Yergin said there were two main factors driving the turnaround to the deal that just six weeks ago “would not have seemed possible.”
Firstly, he said, the price of oil was in danger of crashing without a deal as there was limited inventory space left. That would have had “severe repercussions” beyond the oil industry itself and other sectors such as finance.
The other driving factor was likely due to a dearth in oil demand, where the “producers found they couldn’t sell their oil.” Crude demand has taken a hit in recent weeks as measures taken by authorities to stem the spread of the coronavirus pandemic have left major economies effectively frozen."
The agreed cut isn't that big:
"His comments came after OPEC+ finalized an agreement to cut production by 9.7 million barrels per day — the single largest output cut in history."
bolding mine
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Your second link says similar and behind a paywall not going to waste money on a far left birdcage liner.
You should pay more attention to the CONTENT of links you post.
Meanwhile Biden and his incompetent minions cancelled many oil leases and other moves that depresses oil production in the last two years.
You must be living under a rock to miss that.
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