No situation is good for everyone. Some benefit from high crude prices, others are disappointed by them. Both sides have justified reasons. While oil buyers are content with the cheap commodity, large crude producers are against a price growth that should be beneficial for them.
Donald Trump is among those who oppose high oil prices. “Looks like OPEC is at it again. With record amounts of Oil all over the place, including the fully loaded ships at sea, Oil prices are artificially Very High,” the President tweeted, adding that the United States will take some measures. The US leader is very keen to change the country’s economic system that has existed for dozens of years. Despite the record high crude production in the United States, that already left Saudi Arabia and Russia behind, Trump will hardly be able to influence oil prices. Jeffrey Currie, an expert at Goldman Sachs, believes that the impact of the US authorities on the crude market is marginal if compared to the influence of the countries that signed the OPEC+ agreement.
Besides, the demand is steadily increasing in the market, which means the supply will rise as well. The only thing that may trigger a slump in crude prices is a significant slowdown in the global economy that may lead to lower demand.
