Trump is deceiving the global oil market; Expert
The United States wants to bring new factors into the oil market and force Saudi Arabia and Russia to trilateral cooperation to resolve this crisis, a senior political analyst told ILNA.
Sabah Zanganeh who used to serve as Iran's ambassador to the Organization of Islamic Cooperation (OIC) said in an exclusive interview with ILNA news agency that the United States is effectively playing an influential role in the global oil market.
He pointed that US oil price now is below zero for the first time but adding “This is a deception from the United States because real oil entering the market is very different from what is traded on paper.”
“In fact, the United States is tempting many Saudi and Russian customers to move to the US market, saying its oil prices have fallen sharply.”
Referring to the US 2020 presidential elections, the expert on International Affairs confirmed that the United States will not let major US oil companies that have spent $ 100 billion on shale and West Texas oil to leave the scene.
“Because they are supporters of Trump's election campaign, and for him, it's like political suicide,” Zanganeh added.
“So the situation will be different even in the next 2 or 3 months and US president wants the election to go smoothly,” Zanganeh said.
According to reports, US oil prices crashed into negative territory for the first time in history as the evaporation of demand caused by the coronavirus pandemic left the world awash with oil and not enough storage capacity — meaning producers are paying buyers to take it off their hands.
West Texas Intermediate, the US benchmark, traded as low as -$40.32 a barrel in a day of chaos in oil markets.
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