Follow me: Trump, Saudi, oil prices, trump, United States owns Saudi Arabia - It's a love child of US and UK and it's religious scholarship is owned by the West. Oil hit a six-month high last week after the Trump administration announced it would not extend sanctions waivers to several countries that purchase Iranian crude.
Trump is calling on Saudi Arabia and other OPEC members to boost production to keep prices down, but there’s only so far the Saudis can go: Bloomberg reports indicate that, according to International Monetary Fund data, the kingdom needs oil prices around $85 a barrel to balance its budget.
Trump is also pushing the oil prices higher by adding pressure in Venezuela - it was on a few hours ago that Juan Guaido the ziopig, who announced the final phase to get rid of Nicolas Maduro, the rightful leader of Venezuela - Venezuela is one of the world's largest exporters of oil and has the world's largest proven oil reserves at an estimated 296.5 billion barrels (20% of global reserves) -
Venezuelan oil output has shrunk, and this is putting added pressure on the Saudis to produce more. The situation in Venezuela is grim, nobody knows what's going to happen next. One thing is for sure though, Trump is expecting his Saudi cash cow to pump more oil to make up the difference.
Ousting Nicolas Maduro isn't going to make a difference to the oil market, it can actually destabilise it further, because there's millions of supporters of Maduro who will not sit back and relax.
Trump is right, Getting cash from Saudi King Salman is easier than collecting rent, - we can't have oil prices climb up to 100 dollars per barrel, Saudi Arabia will have to pay for it.. So pay up or suffer the consequences!
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