Oil prices exploded on Thursday morning after US President Trump tweeted that he spoke with Saudi Crown Prince Mohammed bin Salman about a potentially ‘huge’ output cut. According to Trump, the production cut from Saudi Arabia and Russia could be as high as 15 million bpd. For anyone wondering why oil prices just spiked by over 25%… https://t.co/xjkfxOAaoS — OilPrice.com (@OilandEnergy) April 2, 2020 The reality, however, is very different. Earlier this morning, Dmitry Peskov, spokesman of Russian President Vladimir Putin told reporters that ‘’No one has launched any talks about a potential new oil-production deal to replace the OPEC+ format’’Peskov assured reporters that no one is happy with current oil prices, but there are no high-level talks scheduled for either Thursday or Friday. It seems then that US pressure on Riyadh has convinced Saudi Arabia to reopen negotiations once again, but as I wrote before , neither of […]