Putin: Oil Glut Is Really About Saudi Desire To Crush US Shale, by Tyler Durden

Who wants to put US shale oil drillers out of business more, Russia or Saudi Arabia? From Tyler Durden at zerohedge.com:

While it appears an expected emergency virtual OPEC+ meeting planned for Monday has been postponed, pushed back to later in the week to allow more time for negotiations, it’s likely that we’ll actually see the heated blame-game for the collapse in oil prices ratchet up  and oh, in the meantime oil is set to crater come Monday as the feud is only expected to get uglier.

Indeed the aggressive war of words has started, with Putin offering a biting Russian narrative aimed at the Saudis in remarks Friday: “It was the pullout by our partners from Saudi Arabia from the OPEC+ deal, their increase in production and their announcement that they were even ready to give discounts on oil” that drove the crash alongside the double-whammy of the coronavirus-driven drop in demand, Putin said according to Bloomberg.

“This was apparently linked to efforts by our partners from Saudi Arabia to eliminate competitors who produce so-called shale oil,” Putin continued. “To do that, the price needs to be below $40 a barrel. And they succeeded in that. But we don’t need that, we never set such a goal.”

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2 responses to “Putin: Oil Glut Is Really About Saudi Desire To Crush US Shale, by Tyler Durden

  1. Pingback: Putin: Oil Glut Is Really About Saudi Desire To Crush US Shale, by Tyler Durden | STRAIGHT LINE LOGIC – Additional survival tricks

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