On Saturday OPEC and non-OPEC producers agreed to raise production by 1 million barrels per day (bpd). Perhaps more important than that, they agreed to return to 100% compliance of the previously agreed upon production cuts of 1.8 million bpd. Production was lagging from struggling countries, i.e., Venezuela, Angola and Libya which effectively equated to […]
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Oil prices are lower this morning sparked by increasing trade war fears between China and the U.S. after President Trump sought to impose another $200 billion worth of tariffs yesterday.
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On May 22nd WTI Crude nearly reached $73 / barrel and since then prices have dipped almost 10%.
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The world’s two largest economies have decided to scale back the threats of a trade war by agreeing not to impose new tariffs. Chinese officials met with members of the Trump administration in Washington this weekend with plans for China to increase its purchases of American produced goods in order to reduce the multi-billion dollar […]
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