from WallStForMainSt
Wednesday Afternoon, the Wall Street Journal made an exclusive, but surprising report. Apparently the Saudis are now buying up $1 billion dollar stakes in European oil companies with potential plans to buy larger stakes soon? https://www.wsj.com/articles/saudis-t…
But why? This is especially curious considering how many European Union countries and the UK treat foreign direct investment into their larger companies in the EU and the UK.
Antitrust and anti-monopoly laws (anti-competition) laws in the EU and UK are often quite strict. Especially for foreign companies other than Huawei.
Remember how companies like Microsoft, Facebook and Google have been treated in the past?
The oil market had been excited about the promise of a 10 million barrel per day oil production cut coordinated by OPEC+, Saudis, Russia and US shale oil producers. https://oilprice.com/Energy/Oil-Price…
But, negotiations appear to be very tense and the odds of this agreement being reached appear unlikely as of now. https://oilprice.com/Energy/Crude-Oil…
Also, there was another surprising large crude oil inventory build this week after a 4 year record crude oil inventor build last week. https://oilprice.com/Energy/Crude-Oil…
Wednesday’s number was also way above analyst expectations. Again, the trend should be the opposite if US shale oil producers were already cutting production meaningfully.
Saudis are also sending a lot of oil tankers to the US https://finance.yahoo.com/news/saudi-…
But, the main problem here is that oil demand is still expected to keep collapsing in the US and EU. Robert Rapier put out a new article recently about demand destruction https://oilprice.com/Energy/Energy-Ge…
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