'The Kremlin has decided to sacrifice OPEC+ to stop U.S. shale producers and punish the U.S. for messing with Nord Stream 2,' Alexander Dynkin told Bloomberg.
that Russia's refusal to cut production had more to do with combatting the economic impact of coronavirus and was not intended to directly target the U.S.
Under Trump, the U.S. has surpassed Saudi Arabia and Russia to become the world's biggest oil producing nation, largely spurred by the expansion of fracking. Saudi Arabia had tried unsuccessfully to flood the oil market and reduce prices drastically to maintain its dominance back in 2014. But U.S. production proved more resilient than the Saudis anticipated.
A price dip of as much as Khedery is predicting would be a drop of more than half of what it is today, which would cut deep into oil producers' pockets. With coronavirus already reeking havoc on the stock market, Trump may find it to be more difficult to tout his economic achievements as his re-election campaign moves forward.Republicans and Trump have consistently pointed to sustained GDP growth, healthy job creation and a booming stock market, as the November election approaches.
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