Saudi Signals and Trump Tariffs Are Cracking the Oil Market ...Middle East

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Saudi Signals and Trump Tariffs Are Cracking the Oil Market
source : OILPRICE ( Middle East ) () 96
Low inventories reported today by the Energy Information Administration (EIA) did nothing to staunch the bleeding, with WTI getting gutted nearly 4% on the day, and Saudi rumors throwing another spanner in the works, while new U.S. economic data suggests more pain is in store for the sector.  Three weeks ago, eight OPEC+ countries unveiled plans to phase-out their voluntary oil output cuts by ramping up output in May by 411,000 barrels per day--equivalent to three monthly increments. The announcement came at a time when U.S. President Donald…

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