The Oil producers are fucked from Saudis to Russia to Iran 👀
There is no one to buy future contracts, demand has collapsed. China has storage, US has its own oil. Now OPEC+ can shove it up. Meanwhile White House is chilled out 🤓
Death of OPEC+ cartel effectively. US becoming largest oil producer in the world in 2015 after years of lifting ban of 1978 & strategic petroleum reserve opened up. OPEC+ is as trying to take the back the reigns. Now its curtains for them.
America is master at these games when Gulf Oil Imbargo was imposed in 70s then it got GCC created with continuous varnishing of Petro Dollar. Now it has unlocked its own oil it doesnt need OPEC+ to run Petro Dollar anymore. Middle East Kingdoms, Moscow must be thinking tonight.
You know what the Trade Deals America is doing is about is just not Tariffs its equally Oil/Gas diplomacy. Every country from South Korea to USMCA to Japan to India have to buy % of American Oil too offset petro dollar reducing the dependence on Gulf Arab Nations per se.
By the way this is an artificial shorting of futures. Futures are nothing but hedging by players its a rigged game. Soon it will be back up to sane levels as Economic activity kicks in. The shock & awe is served well. Boom !
