Oil markets were hit with a surprise cut from OPEC+ and adding fuel to the fire, President Donald Trump headed to New York for a legal battle that could determine the next steps for his political career. Joe Mathieu, Bloomberg’s Washington Correspondent, spoke with some of the key figures involved to provide a detailed analysis of the news and its implications.
Patrick De Haan, Head of Petroleum Analysis at Gas Buddy, asserted the surprise cut from OPEC+ was designed to provide some support to fuel prices. Bloomberg Politics’ Contributors Rick Davis and Jeanne Sheehan Zaino added to the discussion, citing the possibility that OPEC+’s decision could be a reaction to the impact of the COVID-19 pandemic, and the indictment of former President Donald Trump. Bloomberg Reporter Simone Foxman also provided updates from Trump Tower while former Acting White House Chief of Staff Mick Mulvaney discussed the legal and political takeaways from the indictment.
OPEC+, an organization of major oil-producing countries, is spearheaded by Saudi Arabia and Russia. OPEC+, which started in 2018, had a mission to reduce global oil supply and coordinate output. OPEC+ has grown to include numerous other countries and has made major decisions about output and inventory management.
With its surprise cut, OPEC+ is attempting to counter the negative shock of the pandemic and boost oil prices. In response to Trump’s indictment, OPEC+ members may want to avoid potential trouble and help keep oil prices stable.
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Joe Mathieu is a Washington, DC-based correspondent for Bloomberg Television. He interviews some of the most influential figures in the nation to discuss issues, stories and events occurring in Washington, D.C. He takes a close look at national, political and economic policy matters, and has done groundbreaking work. A graduate of Princeton University, Mathieu has continually kept an eye out for trends and breaking developments. His understanding of public policy and interest in United States politics has led him to cover significant stories from the White House and Capitol Hill. Whether it’s a financial crisis or government shutdown, Mathieu makes sure to keep viewers updated on the most important stories of the day.