President Trump took a victory lap over the weekend for helping convince Russia and Saudi Arabia to make record-shattering production cuts — but there was no celebration in financial markets.
"This will save hundreds of thousands of energy jobs in the United States," Trump tweeted Sunday."I would like to thank and congratulate President Putin of Russia and King Salman of Saudi Arabia." Yet oil prices barely budged Monday, remaining near 18-year lows. And the S&P 500 energy sector lost further ground, leaving it down a stunning 43% on the year.
Goldman Sachs says OPEC production is dropping by only 7.2 million barrels per day from average levels of the first quarter. And OPEC and its allies are notorious for"cheating" by producing more than they say they will. China has been stockpiling oil for years. Low prices give it reason to buy moreEven if there is full compliance from OPEC members and 50% compliance from other nations, this agreement will reduce actual production by only 4.
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