“I hated OPEC,” now Trump says he’s changed his mind as he seeks to help America’s beleaguered oil industry
should lower oil prices, which the US president deemed artificially high.
As prices tumbled through March due to a price war between Saudi Arabia and Russia, and with the fallout from the coronavirus, which has closed down many of the largest economies reducing demand for oil, the Trump administration sought intervention in the oil markets to prop up falling prices.a barrel, which will have a significant impact on oil producers in the US who need oil to stay at least $40 in order to remain profitable.
In an election year, oil producers going bankrupt and significant layoffs have meant that Trump reversed his position about lower prices and is now seeking higher prices. By some estimates, more thanOne of Trump’s allies, Senator Ted Cruz, wasat this juncture saying, “Saudi Arabia tried to take advantage of a health crisis to wage economic warfare on the US that was a serious act of hostility — one I firmly fought against.
Trump’s intervention to ensure a deal between the two sides, however, may not be enough to bring prices back to where the administration wants them. While OPEC + Russia agreed to remove almost 10 million barrels of oil per day from the market, demand for black gold, however, has by some
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