The report says that China is moving forward with plans to buy up oil for its emergency reserves after the epic crash in oil prices over the past few weeks. Beijing has asked departments to quickly begin filling tanks and options to lock in the current low prices in the market. Also noting that Beijing may use commercial space for storage as well - in addition to its state-owned reserves. At least with China stepping in, it may help to briefly support prices somewhat in the near-term but don't expect this to change the grand scheme of things.
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President Trump is set to meet Friday with the heads of some of the largest U.S. oil companies to discuss measures to help the industry as it fights for survival. The chief executives of Exxon Mobil Corp. and Chevron Corp. are expected to attend. Mr. Trump also said he was confident Saudi Arabia and Russia would resolve their dispute over oil output and prices in the coming days.
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Trump administration to intervene in the Saudi-Russian price war. Other shale companies have called on state regulators to enforce production cuts in Texas.
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MIND BLOWING LMAO!
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Trump expects Saudis/Russia to cut 10-15 mbpd - CNBC
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The Saudi report says the kingdom called for an emergency oil meeting to support the global economy and as requested by the US President.
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Saudis want US, Canada, Mexico and others to join cuts. WSJ says Saudi Arabia is prepared to cut to 9 mbpd if others join in the effort.
Trade closed: target reached
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White House has discussed a mandated shutdown of production in the Gulf of Mexico
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Russia will join OPEC+ meeting on April 6
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Two Russian sources on the matter story That adds to the positivity in terms of the willingness of OPEC+ and other producers to achieve a greater total of output cuts.