Oil Trades Near 3-Week Low on Signs U.S., Saudis Boosting Supply

The transcript discusses Saudi Arabia's response to market pressures by offering more oil to Asian customers, influenced by US demands and Chinese complaints about high prices. It highlights the resulting oil price volatility and President Trump's consideration of using the US Strategic Petroleum Reserve to stabilize prices ahead of midterm elections.

What action are the Saudis taking in response to pressure from the US and complaints from China?

• Cutting ties with OPEC

• Increasing gasoline prices

• Offering more oil to Asian customers

• Reducing oil production

What has been the impact of the confusion in the oil market?

• Increase in oil market volatility

• Decrease in oil demand

• Stabilization of oil prices

• Rise in gasoline prices

What is President Trump considering to influence oil prices?

• Raising taxes on oil companies

• Increasing oil imports

• Using the Strategic Petroleum Reserve

• Negotiating with OPEC

How many barrels are being considered for release from the SPR to test the market?

• 1 to 5 million barrels

• 5 to 30 million barrels

• 50 to 100 million barrels

• 10 to 20 million barrels

Why is the US President concerned about oil prices?

• Due to international trade agreements

• Because of the upcoming midterm elections

• To support local oil producers

• To increase government revenue