US Pres. Trump: Oil price drop is very short term, a lot of people got caught
|US Pres Trump: Asked if he would like OPEC+ nations to make more cuts, states we have already done that.
Key comments
- Oil producers need to do more by the market in terms of production cuts.
- Oil price drop is very short term, a lot of people got caught.
- Looking at putting as much as 75mln barrels into strategic petroleum reserves, that would top it out.
- Negative oil prices reflect financial, not oil situation.
- Calls oil plunge largely a financial squeeze.
- Will either ask permission from congress to buy oil or we will store it.
- We will look into idea to stop Saudi oil shipments.
-
US President Trump: Looking at putting as much as 75 million barrels into strategic petroleum reserves
The president is responding to the events that took place during the Wall Street session on Monday. The price of oil collapsed with the front-month contract, due to expire today, plummetting to below ZERO. More on that here: Saudis mull applying oil cuts as soon as possible, time to buy oil?
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.