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SW WI | cause / effect covid had on oil (also Trump deal with OPEC) supply/ demand
Russia Saudi have spat, Saudi producing oil to hurt Russia and some say USA. Covid comes oil crash.
Trump made deal with Saudi Opec during 2020 oil crash cut 10 million bpd. He actually threatened Saudi to cut production.
USA oil production slows, smaller companies go broke, many lay offs in industry. Many oil supporting companies go under. NO new wells being drilled. Oversupply low prices.
Some say Trump wanted Saudi cut production protect USA oil revenues, some say to keep USA oil companies going into meltdown others says people like HArold Hamms big Trump supporter oil tycoon crying on Trumps shoulder. ?????? who knows
Once out covid whole world moving again demand overcame supply oil. Hence high oil prices.
Supply/ demand evened out about 2023 if I remember correctly.
USA pumping more oil than ever before. ( yes under Biden)
THis is all fact can be verified with articles and charts easy to look up.
Brings us to today world supplies from what I read are running low. Not enough oil going to refiners. Even if the Hormuz straight opened today will take months to get back normal. Possible the world could see more oil shock in price in the future.
Iran just attacked more ships in the straight, so much for Trump's ceasefire.
Edited by swtcorn wi 4/22/2026 11:20
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