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Xolodno

(6,330 posts)
Thu Apr 9, 2020, 11:26 PM Apr 2020

Well, so much for that cut in production by Russia and Saudi Arabia to raise oil prices...

https://finance.yahoo.com/news/opec-agrees-deep-oil-output-151440841.html

Saudi-Russia Oil Deal Under Threat as Mexico Walks Out of OPEC+ Talks
Bloomberg
Javier Blas, Salma El Wardany and Grant Smith
BloombergApril 9, 2020

(Bloomberg) -- An agreement between Saudi Arabia and Russia for record oil-production cuts was endangered late on Thursday as Mexico refused to participate in the curbs and left the meeting without approving the deal.

The impasse, which came after more than 9 hours of talks via video link, cast doubt over a global effort to revive the oil market from a debilitating coronavirus-induced slump. The OPEC+ group won’t cut output without Mexico’s participation and doesn’t intend to meet again on Friday, instead focusing on talks at the G-20 gathering also scheduled that day, according to a delegate.

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IMPOTUS probably shouldn't have pissed of Mexico.
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Well, so much for that cut in production by Russia and Saudi Arabia to raise oil prices... (Original Post) Xolodno Apr 2020 OP
VIVA MEXICO 🇲🇽 dweller Apr 2020 #1
That puts more pressure on Trump to remove those sanctions against Russia for invading Crimea. TheBlackAdder Apr 2020 #9
Trump built the wall. sheshe2 Apr 2020 #2
Did anyone ever pay $.99 a gallon as a Trump claimed? Under The Radar Apr 2020 #3
There was a place in Western Kentucky that had $.99 a gallon, but it wasn't a "normal"... SKKY Apr 2020 #5
Wednesday, I Paid $1.429 ProfessorGAC Apr 2020 #8
When I was in the service Chainfire Apr 2020 #4
Same here...tho it was in MO. I was 17 and it was the spring of 1971. KewlKat Apr 2020 #6
Currently central Ohio has $1.54 Maeve Apr 2020 #7

SKKY

(11,771 posts)
5. There was a place in Western Kentucky that had $.99 a gallon, but it wasn't a "normal"...
Fri Apr 10, 2020, 08:39 AM
Apr 2020

...price. They were doing some promotion. I don't think gas has legitimately gotten that low.

ProfessorGAC

(64,417 posts)
8. Wednesday, I Paid $1.429
Fri Apr 10, 2020, 08:49 AM
Apr 2020

That was with the Circle K saver card. So, posted price was 6¢ higher.
Not close to 99 cents.
Besides, they're going to slow production no matter what.
Global daily demand is down >30 million barrels a day. Global demand (daily smoothed average) is a bit under 100 million barrels.
They're running out of storage space.
This has been going on for more than a month. They've nearly produced a billion barrels nobody needs right now.

KewlKat

(5,624 posts)
6. Same here...tho it was in MO. I was 17 and it was the spring of 1971.
Fri Apr 10, 2020, 08:39 AM
Apr 2020

I was on vacation. Returning home it was 35.9 in IL.

Maeve

(42,224 posts)
7. Currently central Ohio has $1.54
Fri Apr 10, 2020, 08:44 AM
Apr 2020

And I had a credit on my Kroger card bringing it down to $1.14 a gallon, so woo-hoo ...not that I'm driving near as much...

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