A month or so ago U.S. President Donald Trump extracted a promise from Saudi Arabia that it would pump more oil to mitigate the risk of oil price spikes resulting from the end to waivers on Iranian oil exports. There was scepticism at the time about the Saudi willingness and/or ability to make good on this promise, but last week oil entered official bear market territory, defined by a drop of 20% or more in prices from the most recent high. According to historical market data, the average bear market for crude oil lasts 60 trading days, so the question now is: with OPEC and non-OPEC oil producers (NOPEC) meetings on the 25 th and 26 th of June, can Trump still trust the Saudis to do their part in keeping prices on the low side? In fact, as OilPrice.com reveals, Trump cannot lose, whether the Saudis keep their […]