- Joined
- Oct 5, 2008
- Messages
- 126,476
- Likes
- 146,924
- Points
- 115
How Saudi Arabia is trying to CRIPPLE Russian oil industry by flooding world market and dropping price to a 30-year low in squabble over coronavirus that could put Trump's re-election at risk and trigger recession
- The oil market plunged to a 30-year low on Sunday amid coronavirus fears and a price bidding war between Saudi Arabia and Russia
- Russia refused to sign on to a OPEC proposal to reduce global oil production in an effort to stabilize market as the coronavirus has slowed demand for oil
- Russia rebuffed proposal, refusing to boost US oil producers and lose profits
- On Saturday Saudi Arabia, the largest oil producer in world, slashed prices
- Russia told its oil producers to pump as much as they could
- Experts say the tension signals that Saudi Arabia and Russia are 'on the skids'
- Former Saudi Aramco VP said 'Saudi Arabia is protecting its market position'
- If the oil market plunge doesn't stop it could lead to a recession and threaten President Donald Trump's bid for re-election
- Americans will see prices at gas pump go down & a decline in US oil production