Posted on 04/20/2020 9:09:15 AM PDT by DannyTN
... Last week, The Wall Street Journal reported that the volume of Saudi crude en route to the United States is seven times higher than the typical monthly intake of Saudi oil in 2019.
The tankers were loaded before OPEC+ struck a new agreement to take 9.7 million bpd off the market in May and June when Saudi Arabia had embarked on an aggressive price war for market share after the previous OPEC+ deal collapsed in early March. ...
(Excerpt) Read more at oilprice.com ...
Last I heard, Congress wont let him.
Some banks are going to end up owning some of the assets at least for a while according to something I saw.
This could have many consequences for the entire economy.
Isn’t the value of the US dollar related to the petrodollar?
What do you call OPEC?
OPEC is a cartel of oil-producing countries.
If they are all at sea, they would be an easy target. Just sayin’.
Yes, in addition oil future contracts expired yesterday or today. Lots of oil tankers acting as storage tankers floating in the oceans. So much for the old BS scare of “Peak Oil”. Enjoy it while you can, what an opportunity for Trump to top-off the US reserves!
I do not think this would effect the petrodollar / dollar relationship, but there are other countries agreeing to exchange local currency for trading which is a crack in the reserve currency.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.