Ending The Oil War Isn’t Enough

Oil may have gained 20% on Trump’s tweets Thursday, but heed this: Even if OPEC+ agrees to a purported 10-million-bpd cut and even considering that China has ordered all of its oil companies to buy up oil on the cheap to fill strategic reserves, it’s not going to get demand anywhere close to where the market needs it.  It will, however, alleviate the immediate critical issue of running out of oil storage space.  There is a lot of talk about Trump “pressuring” Saudi Arabia and Russia on this, but the only real pressure…