SCW NEWSWATCH & VIDEO: “Saudis and Russia Open the Oil Taps While the Market Shrugs” – Bloomberg/ Elena Mazneva/ Annmarie Hordern/ Dina Khrennikova/ Grant Smith/ Jack Farchy

Oil Wells and Sunset

“Russia and Saudi Arabia are pumping an extra 1 million barrels a day of oil and could do even more. Yet the market [has had only a muted price reaction]. After their September meeting … spurred prices to a four-year high, the world’s two largest oil exporters sought … to ease … price worries of consumers, and the U.S. president. Russia is pumping record volumes of crude … Saudi Arabia is almost there ….

… Trump has been blaming [OPEC] for rising crude prices ever since he [ended] the [Iran] nuclear agreement … and reimpose[d] sanctions. Last month, the group appeared to rebuff his calls for a rapid production increase to offset the drop in Iranian shipments, prompting a surge in prices and even harsher rhetoric. … Russia … already broke its post-Soviet production record last month [and] could add another 200,000 to 300,000 barrels a day of supply within a ‘few months,’ according to Energy Minister Alexander Novak. The oil price is … probably ‘a bit too high,’ he said ….”

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