Bin Salman’s Floundered, Trump’s Randomness Enter US Economy into Recovery Rooms

For the first time in history, the price of a barrel of US oil reaches zero, meaning that oil is freely distributed by producers in exchange for the cost of transporting it only to its final destination.

Economists have revealed many of the causes of the worst collapse in oil markets throughout history. Indeed, mankind has never known that before, so that the first and main reason is due to the adventures of the Saudi crown prince in making reckless and hasty decisions, including the recent oil price war against Russia. In an attempt to satisfy his main ally Trump, who has often called on “OPEC” to increase production and reduce prices.

Goldman Sachs, which is one of the oldest financial and investment services institutions in the United States of America and the world, warned on April 2, that the oil price war between Saudi Arabia and OPEC on the one hand and Russia on the other hand as it is means that stores, refineries, pipelines and oil tankers reach their maximum capacity which has not been happening since 1998, which means that the oil produced will have no capacity or destination to go.

On March 13, US Senator Kevin Cramer urged Trump to embargo crude oil from Russia, Saudi Arabia, and other Organization of the Petroleum Exporting Countries (OPEC) nations, in response to recent actions taken by these countries to distort energy markets when oil demand is exceedingly low because of the coronavirus pandemic.

The market share crisis that led to a price war ended in dumping markets with oil pumped by producers, as the agreement to reduce production reached will start working as of the beginning of next May, and the previous agreement ended on March 31. This means that April was enough to flood markets with oil, while demand declined sharply due to the “corona” crisis.