US Pres. Trump: Oil price drop is very short term, a lot of people got caught

Ross J Burland FXStreet

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?

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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