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Trump Tweet Sends Oil Soaring 25%

By Tsvetana Paraskova - Apr 02, 2020, 10:30 AM CDT

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Oil prices spiked on Thursday morning after U.S. President Donald Trump said that he spoke with the Saudi Crown Prince, and hoped and expected that Saudi Arabia and Russia would “cut back approximately 10 Million Barrels, and maybe substantially more,” sending oil prices soaring by 20%.

“Just spoke to my friend MBS (Crown Prince) of Saudi Arabia, who spoke with President Putin of Russia, & I expect & hope that they will be cutting back approximately 10 Million Barrels, and maybe substantially more which, if it happens, will be GREAT for the oil & gas industry!” President Trump tweeted on Thursday.

 

Translation:

Trump to Putin and MBS:  Go F...yourself, I ain't cutting production, you'll never force our tremendously over leveraged  shale oil production out of the market, we'll never be taken as energy hostage by evil and rough states; we're the greatest & cheapest oil producer of the world. No combined global oil pumping power matches our dollar pumping power. Figure that out.