“Low prices will still need to do the work of forcing production cuts in many parts of the world, including the U.S. shale patch,” says of the historic agreement by major oil producers to reduce production by 9.7-million bbl per day:
The coverage of the Trump oil cartel has been pathetic. The purpose and goal of the agreement is to make consumers who are hurting the most pay more for gas to mostly benefit foreign countries and large oil companies.
Saudi Arabia, Russia and other oil-producing nations have pledged to cut about 10 percent of global production, but demand is down by much more than that 🦠