The full article is here-> https://www.daily-times.com/story/money/industries/oil-gas/2018/07/...
The opposition in Congress wants to see a transcript of what President Donald Trump and Russian President Vladimir Putin talked about for two hours alone. No doubt some of that time was spent discussing OPEC and the price of oil.
This is above all an issue now for the first time in world petroleum history because Russia has become part of OPEC in the agreement to manage world supply of oil and, indirectly, its price.
OPEC and Russia produce almost half of the supply of world oil. At full capacity, and spare capacity added in, they would be slightly over 50 percent. For now, OPEC plus Russia is the world price-setter for oil.
Shale and tight oil, mainly from the Southwest and North Dakota, along with conventional oil production in the United States, should account for 12 percent later this year if prices stabilize.
This was the reality of talk between Putin and Trump.
In my opinion this is not nearly as relevant to oil prices as will be an impending settlement of the trade disputes going on globally. President Trump was correct for going after the offenders, which turns out to show we didn't really have a friend in the world on trade.
There is no doubt that these issues will be solved. When that happens there will be a boost to the global economy generally and the American economy in particular.
Economic boosts create consumption, consumption creates upward pricing as economic expansion requires fuel. I still feel like we will return to nearly or above $75 a barrel for WTI by the end of the year.