Genius, Idiot.. He wears many hats
Donald Trump is probably the most uncharacteristic President to ever hold office in the United States. Looking past the factual inaccuracies in his statements and his over the top racist comments, the key highlight of his tenure as President has got to be his use of Twitter.
Trump has become notorious for his tweets and often uses his Twitter account to announce important issues regarding the country. For example, that one time when he used the social media platform to let Congress know that he’d pretty much just declared war on Iran.
That being said, global oil prices rebounded to more than $30 a barrel for the first time in almost a month after the President took to twitter to pretty much announce that Saudi Arabia and Russia have had reached a deal on production cuts.
You see, both Russia and Saudi Arabia have been locked in a price war since the collapse of OPEC+ talks on March 6, with both vowing to increase production at a time of an unprecedented drop in demand because you know, Covid-19 and all.
All it took to send oil prices rocketing by more than 30% was the following tweet:
https://twitter.com/realDonaldTrump/status/1245720677660925952
Of course, Trump is a businessman at heart and in spite of understandable scepticism around Trump’s claim of a deal between Russia and Saudi Arabia, with a Russian spokesperson coming out and pouring cold water on the whole thing, Trump knew that this one tweet would be enough send prices up. The on-going price war coupled with the Covid-19 demand destruction has clearly pushed prices to levels that could wipe out the U.S. shale industry.
So what now? With Saudi Arabia calling for an urgent meeting for OPEC+ states, it remains to be seen if Russia will come to the table with a compromise in mind.
The Kingdom calls for an urgent meeting for OPEC+ states and another group of countries, with aim of reaching a fair solution to restore a desire balance of the oil markets.#SPAGOV
— SPAENG (@Spa_Eng) April 2, 2020
There’s no doubt that the Saudi’s would still want Russia to make more compromises, which proved to be a stumbling block last time around. Can both nations come to an agreement this time around? The hope is yes, but Trump won’t care that much. He did his job with just that one tweet.
