"The likelihood of distressed cargoes, increased freight rates, force majeures, strains on storage capacity, VLCC availability will be combining in placing additional downside pressures on petroleum prices," Jim Ritterbusch, president of Ritterbusch and Associates, said in a report.
Mr Trump invited several energy industry executives, including the chief executives of Exxon Mobil and Chevron Corp, to a meeting on Friday to discuss aid for the industry, including possible tariffs on oil imports from Saudi Arabia, an administration source confirmed. "Demand is a disaster," said Bob Yawger, director of energy futures at Mizuho in New York."That's the whole problem here. It's horrible."
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