The US is playing the role of disruptor in the global energy market and the implications are significant for global oil prices, which have seen huge swings in the past six months, and with more volatility expected.
The U.S., now the world's largest oil producer, is playing the role of disruptor in the global energy market.
"It's really become such a huge story in terms of U.S. production, but also because of our policy. The U.S. is a swing producer but it's also through policy that we've taken 1.6 million barrels off the market," said Helima Croft, global head of commodities strategy at RBC."We've been really lucky we've had the U.S. producers. That's where the U.S. currently plays a role in helping out the market. Trump talks to the Saudis. Trump sanctions Venezuela.
The U.S. has sanctioned Iran for its nuclear program and Venezuela for the human rights and other abuses by President Nicolas Maduro's regime, which is supported by the military. Both countries are members of OPEC. But Trump periodically presses OPEC about high prices in tweets. The price of West Texas Intermediate crude reached a high in the futures market of $57.88 per barrel this month, gaining 37 percent from its Dec. 24 low of $42.36. But that low came after a sharp 45 percent decline from the $76.90 it was at on Oct. 3.
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