Trump got the oil deal he wanted – by not dealing at all

OPEC+ announces a deal and the price jumps. That tells us something about the market reality of oil. It’s a casinos casino. Because the track record for such deals to hold up is poor. So if the market believes in them it has gotten some fundamentals fundamentally wrong. Trump got a deal but I doubt that he will get the 10 MMbbl/d cut any time soon. Pushing paper is one thing, doing what needs to be done a totally different one. The only side that Trump can work is the domestic one. Everything else is a recipe for madness.



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