Trump’s BIGGEST Deal Ever: Getting OPEC and Allies to Cut Oil Production

President Trump recently struck a deal with OPEC and other allies to cut global oil production as demand dwindles. Some are saying this could be his biggest and best deal ever.

According to CNBC:

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.

Advertisement

“What was so interesting — among many, very interesting things in this unprecedented event — was the turnaround, the pivot by Donald Trump,” Yergin, who is vice chairman at IHS Markit, told CNBC’s “Street Signs” on Monday.

Just a few weeks ago, Trump had said the early-March plunge in oil prices were “good for the consumer” as it meant lower gasoline prices. That drop in crude prices had been triggered by an oil price war between Saudi Arabia and Russia after Moscow rejected a proposal by OPEC to cut 1.5 million barrels of production per day.

The sharp decline in oil prices spurred giant capex and job cuts across the U.S. shale industry, which has some of the highest production costs in the world.

Trump viewed this problem and subsequent deal as a national security problem and something that was of the utmost importance to the U.S. economy.

SHARE THIS WITH YOUR FRIENDS:
Subscribe
Notify of
guest
8 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments
Howard
1 year ago

They can say what the want about Trump, but he’s more effective that any President that I can remember and I started voting when Kennedy ran. When he decides to get something done, he get it done one way or the other.

Tiny Barreda
1 year ago
Reply to  Howard

Trump has made us a third world country. The fact of the matter, it’s not his policy that has minimized the number of pilgrims coming here, it’s about, why should they leave a third world country to come to one of the same. Together we can bring our Country to the way it was right after 9/11, as one. Together we can stop the pilfering by trump and his cabal. Together we can live up to the motto”E PLURIBUS UNUM” before he ransacks in its totality.

William Scalf
William Scalf
1 year ago

I Agree Totally.

Tony Winters
Tony Winters
1 year ago

What most Politicians don’t get is that President Trump is not a Politician. He is a Businessman and he does things that will generate a Profit. The very old adage is that you Buy Low and
Sell High. Also as a businessman, he is capable of doing more than one thing at a time; fighting the Communist Chinese Corona Virus and playing the Oil Market game. While Russia and the Saudis were pumping oil and dropping the price to a record low; President Trump was filling the US’s Strategic Reserve. He was buying oil at a very low price and stockpiling it. Now the price of oil will go up as the amount being pumped goes down. Now the US has a bunch of this cheap oil saved for a rainy day while the rest of the world’s politicians were only focused on the Communist Chinese Corona Virus. So now if the Russians or Saudis decide to cut the pumping, even more, to drive prices up President Trump and open up our reserved oil stores and tell them that he will dump the saved cheap oil on the market and drive the price down, which would mean that they would lose money. Dear Washington Politicians read “The Art of the Deal.”

scot_belle
scot_belle
1 year ago
Reply to  Tony Winters

YES. Thank you, THIS…is exactly why America…voted for President Trump.
His handling of ALL of the problems created by Pelosi, Schiff, Nadler and Schumer
…were basically like big business adversaries….and he took all of that in stride.
THEN…there were ALL of the problems that were left for him to handle, and
he CHOSE not to handle them….but to FIX and/or ELIMINATE THEM.
No one wanted the COVID-19, but I am so relieved that President Trump is in
…. the Oval Office, because he’s looking out for ALL our people and economy.
When it comes to being a multi-tasker…….our President Trump, excels!!

eyeball
eyeball
1 year ago
Reply to  Tony Winters

Is he a genius? NO DOUBT! No one else could have — WOULD HAVE — done or had the smarts and experience to do this. In addition, he does what he says he will do! Doesn’t try to screw with people. He knows people, and knows that people want someone to tell the truth. When he says he “has a great relationship with….”, he means it. They might not be “best friends”, but he KNOWS the other person and deals with him straight. No playing around. Most Americans LOVE this guy! Some hate that he does what he says he will do. Is a Patriot. Wants people to WORK for their living. Can’t be BOUGHT. Can’t be intimidated. Can’t be swindled. I just WISH all REAL American Democrats (and they’re still there) would make sure he Stays in Office! We HAVE to keep him. There’s too much at stake. M.A.G.A! (and KEEP it!)

Raymond Miller
1 year ago

The Best Man, in the Best Place, at the Best Time, that’s OUR President, Donald J. Trump————-“JUST KEEP ON TRUMPIN”- Viva-La Trump

Joseph Noll
Joseph Noll
1 year ago

I hope that Trump filled the strategic reserves before any increase and used only US oil to do so.

8
0
Would love your thoughts, please comment.x
()
x