US President Donald Trump has promised to impose “very substantial tariffs” on imported oil, unless Saudi Arabia and Russia reach a deal to push crude prices up, just as oil fell sharply following last week’s rally.
Both Brent and WTI crude futures dived over 9 per cent at the Asian session opening, before bouncing back slightly to around $32.6 and $26.6 a barrel respectively. The drop comes after the Organization of the Petroleum Exporting Countries (OPEC) and non-member partners abruptly delayed their emergency meeting until Thursday, apparently due to standing disagreements between Saudi Arabia and Russia.
Crude soared last week following Trump’s announcement of an imminent OPEC+ deal to cut global oil production by 10 or even 15 million barrels. However, Russian President Vladimir Putin’s statement that he expects all oil producers to cooperate on an equal basis had cast doubt on the prospects of a deal.
Also on rt.com Saudi Arabia uses low oil prices to force US to cut shale production, but damage to all countries may prompt talksIndicating no willingness to participate in stabilizing the global market by cutting US oil production, Trump offered another verbal intervention, threatening to impose “very substantial tariffs” on oil imports to the US if the crude price stays the way it is.
After failing to find common ground with Russia early this year on how to respond to the coronavirus pandemic, Saudi Arabia began pumping oil at such an intense rate that prices saw their sharpest drop since the Gulf War in 1991.
Also on rt.com Saudi Arabia wants to put pressure on Russia...but could it hurt itself instead?Think your friends would be interested? Share this story!
Source : RT - Daily news
Oil drops 9% as Trump vows ‘very substantial tariffs’ unless Saudi Arabia & Russia reach output cut deal
Oil drops 9% as Trump vows ‘very substantial tariffs’ unless Saudi Arabia & Russia reach output cut deal
