The OPEC + oil cuts of 2020

https://www.cnbc.com/2020/04/09/oil-jumps-ahead-of-make-or-b…

This was a response to Covid dating back to mid 2020 as Trump tried to raise crude prices.

snippet:

OPEC said in a statement that the initial 10 million barrels per day cut would last in May and June, before tapering to 8 million barrels per day for the rest of the year. Beginning in January 2021, the cuts would decrease to 6 million barrels per day, which would continue through April 2022, according to the statement.

https://schrts.co/xrTJRAhI

2 year chart

Only the war in Ukraine has helped oil prices stay high.

The current admin working to create a cartel of the G7 is altering the price as we speak.

3 Likes