Depending on the outcome of the OPEC meeting on oil, the United States prepared several options for responding to the situation.
US President Donald Trump is ready to increase duties on the import of raw materials into the United States or introduce new sanctions against Russia to end the price war on the oil market. The White House plan was revealed by The Wall Street Journal.
The publication recalls that the price of oil in 2020 has actually fallen by half since the beginning of the year amid the collapse of the OPEC + deal to reduce production after Russia and Saudi Arabia left it. This led to serious problems for US producers of shale oil, as the price fell below the level of profitability of production.
It is reported that Trump discussed the situation with the leaders of American oil companies, senators and congressmen. According to sources, the United States may impose duties on imported oil based on a trade law that had previously been applied to China in the framework of the trade war. In addition, a tougher option is allowed вЂ” the introduction of new sanctions against Russia.
At the same time, the publication clarifies that if Moscow and Riyadh agree to reduce production or oil prices rise for another reason, Trump will abandon plans to impose barrage duties. Meanwhile, US authorities did not instruct local companies to cut production.
As you know, today the OPEC + countries will hold a video conference on the issue of reducing oil production. Pending a decision, the price of oil is growing вЂ” Brent crude on the ICE exchange in London accelerated growth to 3.71% and reached $34.06 per barrel.
Oil prices are also affected by a sharp increase in US reserves.