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20 April 2018
 |
US India (The Total Investment & Insurance Solutions)
A lot is happening in the oil world. As oil
prices surged to a four-year high, US President Donald Trump joined Prime
Minister Narendra Modi in criticising the Organization of the
Petroleum Exporting Countries (OPEC) for ‘artificially’ high oil prices.
In an early morning tweet (Washington time), Donald Trump slammed the OPEC,
saying that record amounts of oil are “all over the place” and ships are
“fully-loaded” at sea. He said that oil prices, which are artificially
very high, is not good and will not be accepted.
Last week, Narendra Modi also slammed OPEC, although subtly, and said
that efforts to artificially distort prices are self-defeating, and a
global consensus must be built for responsible pricing to provide affordable
energy to all. The Prime Minister Narendra Modi made the statement
at International Energy Forum (IEF) Ministerial meeting in New Delhi,
where representatives of OPEC members Saudi Arabia, Iran and Qatar were present
in the audience. In fact, India and China were reported to have not only
discuss the issue but to deal with the issue together. The Total Investment & Insurance Solutions
Looks like OPEC is at it again. With record amounts of Oil all over the place, including the fully loaded ships at sea, Oil prices are artificially Very High! No good and will not be accepted! The Total Investment & Insurance Solutions
OPEC and non-members countries led by Russia are cutting
their oil production to increase prices in the international market. They
decided to extend cuts in oil output until the end of 2018 from March 2018
earlier, as they battle a global glut of crude after seeing prices halve and
revenues drop sharply in the past three years. A report by Reuters said that
Saudi wants crude oil price to hit $100 a barrel. The producers are
cutting supply by about 1.8 million barrels per day (bpd) in an effort to boost
the price. The Total Investment &
Insurance Solutions
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