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A pump jack is seen in September 2012 off Road 6480 during sunset. (Photo: Augusta Liddic/The Daily Times)
AZTEC — Two tweets sent by President Donald Trump on the morning of April 2 spurred optimism for an oil industry hit hard by a flood of oil from Saudi Arabia and Russia, driving down the price.
But Dan Fine, an energy researcher and associate director of the New Mexico Center for Energy Policy at New Mexico Tech, said he is skeptical that the president has a deal.
Four Corners Economic Development hosted a webinar April 2 during which Fine provided updates on current industry conditions and forecasts.
Trump tweeted that he has spoken to the crown prince of Saudi Arabia as well as Russian President Vladimir Putin and expects those two countries will decrease oil output by 10 million barrels. His second tweet stated that the two countries could decrease output by 15 million barrels.
These Tweets come after oil prices fell by two-thirds in the first three months of the year.
President Donald Trump expressed hopes that Saudi Arabia and Russia may reduce oil production, which would help the industry. (Photo: Twitter screengrab)
Fine said Russia, which has been frustrated by some of the U.S. foreign policies including moves to sell oil to Belarus, is prepared to go six months to a year at the current low prices.
And Saudi Arabia previously tried a similar tactic of flooding the market with oil in 2014.
“This is a second chance for them,” he said. “They’re not going to easily give this up.”
GAs prices will rebound sharply , the clock is ticking
Maybe you could write to your Governor, and all your other representatives and demand that your property be drilled so you can receive royaltys
Do you really think that these other oil producing countries will actually reduce their production for our benefit? It seems highly unlikely to me that considering Trump's inability to make up his mind who he wants in his cabinet.
Prices will rise , the clock is ticking ......... Buy now , ......
You could be right Ralph. Hopefully you are! But right now many of us are more concerned about trying to avoid the Corona virus scare. The extra money would be very helpful without a doubt. But like I said, do not make commitments with the expectation to pay them off with royalties at least in the foreseeable future.
Anyway Ralph take care of yourself and your family and avoid as many problems as you can.