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Trump says he saved oil market
12-08-2020 16:15
Trump says he saved oil market
Trump says he saved oil market

US President Donald Trump called himself a "war-time" president, referring to his campaign against the coronavirus. In past days, he has taken on a new role and said that he saved the global oil market.

Donald Trump claimed that he managed to calm the anger of Saudi Arabia, reminded Russia about the necessity to fulfill its promises, and persuaded Mexico to participate in the common deal to reduce oil output.

There is a grain of truth in what he says. He was actively participating in the stabilization of the oil market. Moreover, not even being a member of the agreement, the US took a part of Mexico’s obligations and lowered its oil production by 250 thousand barrels a day.   

However, we cannot say that the US president has saved the global oil market. It is quite possible that it was an attempt to impress people ahead of the upcoming elections. At the moment, Donald Trump really needs additional support to compete with his rival.

There is no doubt that he has contributed to the oil market stabilization. However, in fact, the issue was mainly set by a new agreement on oil output reduction. According to the deal, from May to July, Russia, Saudi Arabia, and other oil producers should have cut production by 9.7 million barrels a day. 

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

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