Monday, March 9, 2020

How Saudi Arabia LOST its power to control oil prices ...

$20 oil in 2020 is coming… 
(TIMELINE) How Saudi Arabia LOST its power to control oil prices when it went public on November 17, 2019

The world’s most profitable company is about to go public
Nov 17, 2019 - The oil company that made Saudi Arabia rich is going public. Some say the timing couldn’t be worse.
Pop quiz: What’s the most profitable company in the world? Apple? Google?
Nope. Those two don’t even come close. The answer is Saudi Arabia’s state oil company, Aramco. In 2018, Saudi Aramco made $111 billion dollars in profit. The second-most profitable company, Apple, made $60 billion that year. On November 3, Aramco officially announced its plan to go public for the first time in the company’s 86-year history. And on November 17, the oil giant announced the company could be valued at $1.7 trillion.

Saudi Aramco, World's Most Profitable Company, Will Make First Public Offering
November 3, 2019 - It has taken years to get to this moment. Saudi Crown Prince Mohammed bin Salman said in 2016 that he wanted the company to go public in 2017

Aramco's Record IPO Starts November 17, 2019

Donald Trump claims the market plunge is 'GOOD for the consumer' because oil prices are coming down and blames 'fake news' for historic sell-off saying: 'Nothing is shut down, life & the economy go on'
  • Donald Trump continues to downplay the threat of coronavirus, claiming the media and Democratic Party is trying to 'inflame' the situation in the U.S. 
  • 'The Fake News Media and their partner, the Democrat Party, is doing everything ... to inflame the CoronaVirus situation,' the president tweeted Monday
  • He also insisted that the massive market drop Monday morning is actually 'good for the consumer' because prices are lower for gasoline
  • 'Saudi Arabia and Russia are arguing over the price and flow of oil,' Trump continued in another tweet Monday morning. 'That, and the Fake News, is the reason for the market drop!'
  • His claim comes as the death toll in the U.S. reached 22 Monday
  • Global and the U.S. stock markets also continue to plummet over the fast-spreading virus and concerns over Saudi Arabia launching a price war on oil
  • Trump, the first to tout market gains under his administration, has not address the market impact of coronavirus
  • The Dow dropped nearly 7 per cent on Monday 

Oil prices plunge as much as 30% after OPEC deal failure sparks price war
Mar 8, 2020 - $20 oil in 2020 is coming,” Ali Khedery, formerly Exxon’s senior Middle East advisor and now CEO of U.S.-based strategy firm Dragoman Ventures, wrote Sunday on Twitter. “Huge geopolitical implications. Timely stimulus for net consumers
Saudi Arabia can’t tolerate an oil depression – the country’s fiscal breakeven oil prices remain very high, Saudi Aramco is now a public company

The (EVIL) Private Federal Reserve…
Fed to step up cash injections for banks to guard against market pressure
Mar 9, 2020 …central bank said it will up the amount it offers in overnight operations from $100 billion to $150 billion through Thursday.