Saudi-Russian Oil Deal on Shaky Ground; Texas to Join OPEC++?

Is your head spinning yet with all the news about the oil price crash and what the U.S. may or may not do to “fix” it? Ours is! Last week President Trump tweeted to the world he had a conversation with his “friend” the Crown Prince of Saudi Arabia and the Prince told Trump the Saudis and Russians are close to announcing a major cut in world oil production (see Trump Says Saudis, Russians Agree to Major Oil Production Cut). That news sent oil soaring, up more than $5/barrel. But then Russia denied such talks, and a hasty meeting planned for yesterday between OPEC and Russia (OPEC+) was postponed until Thursday at least. Then a lame-duck Texas Railroad Commissioner (the agency that oversees oil drilling in Texas) piped up to say he wants Texas and the U.S. to join a pact with Saudi Arabia and Russia to restrict oil production. Some are calling it OPEC++. Then, over the weekend, President Trump hinted he may slap tariffs on imported oil if the Saudis/Russians don’t turn back the taps.

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