Trump's World.

I think The Donald will win next elections and may even lead the United States out of rut, to some degree (the US will never be the same again), but Donald continues to exaggerate, it seems. 

(Bloomberg) -- Russia’s oil industry is ready to agree cuts to production together with Saudi Arabia and other major producers in a desperate bid to halt the slide in prices, according to five people familiar with the efforts. While the Kremlin hasn’t confirmed a willingness to take part in reducing crude output by 10 million barrels a day, as announced by U.S. President Donald Trump Thursday in a Tweet that drove oil prices up as much as 47%, the Russian producers are ready for coordinated action, said the people, who spoke on condition of anonymity because the matter isn’t yet public. President Vladimir Putin will meet oil executives and officials to discuss the situation on the world energy markets later on Friday, the Kremlin said.

Read attentively how the "news" is presented--same ol' Western BS: "people who spoke on the condition of anonymity." That means wet fantasies and attempts to present wishful thinking as a fact. Peskov yesterday flatly denied any consultations with Saudis, nor Russia is in any rush to accommodate anyone (in Russian). Russia is always open for good discussion but media, as always, think that they know better--they don't. Especially Western media which are in the business of propaganda primarily. I am not specialist in oil industry, but as I stated not for once, Russia is always ready for bargaining. How about the US? I don't know, Trump needs to save shale oil industry, which is going down in a pretty dramatic fashion as of lately. This, however, sounds more plausible in terms of Russia's actions:

Russia is rewriting its budget to prepare for oil prices at $20 a barrel, according to people familiar with the discussions. Russia will ramp up borrowing by 1 trillion-1.5 trillion rubles ($13-19 billion) this year as a result, they said.“If the forecasts of a 15-20 million barrel reduction in demand turn out to be right, then no production cut will help raise oil prices,” said Kirill Tremasov, head of research at Loko-Invest in Moscow and a former Economy Ministry official. “The Russian government is doing the right thing, preparing for difficult times and a low oil prices. There are no other options.”

The new variable, however, entered the situation: US oil companies unleashed a lobbying campaign for sanctioning Russia (and Saudi Arabia)--well, US IS one trick pony, after all (in Russian). But then again--desperate times call for desperate measures. Including spreading real fake news by Trump that he "brokered" some deal between Russia and Saudis. Hence this headline by Bloomberg. 

 Trump Push for OPEC+ Deal to Cut Oil Supply Draws Disbelief

All this posturing is just the start of a big game in quid-pro-quo. Is the United States ready to get off the Nord Stream-2's back or will the US continue to pretend that it is still a sole decider? Saudis called for a new OPEC+ meeting on Monday--it is understandable why. But here is this detail:

The kingdom’s move followed a phone call between US President Donald Trump and Saudi Crown Prince Mohammed bin Salman. Trump later said that he “hopes” Moscow and Riyadh are on the way to new oil output cuts of 10 million to 15 million barrels (but failed to specify over which period). The US leader cited talks between the crown prince and Russian President Vladimir Putin, but the Kremlin did not confirm the cuts. While Trump hailed the potential agreement between Russia and Saudi Arabia, he did not indicate that the US would reduce its own production of oil. While the US has historically refused to support OPEC measures to boost the market, low crude prices are harmful for US shale producers and could lead to the collapse of the bulk of the shale companies.

Kremlin yesterday flatly denied, I reiterate, any talks between Russia and Saudis. So what reality does Trump live in then? Very simple--pressure on him is colossal, especially when one considers these facts of US economy:

Corn prices could drop to their lowest levels in more than a decade as coronavirus-related weakness in demand for gasoline pushes the cost of ethanol toward record lows. The decline in gasoline demand due to the widespread Covid-19 travel and work restrictions, especially in the U.S., deeply “affects the king of the ag markets—corn,” says Sal Gilbertie, president and chief investment officer at Teucrium Trading. U.S. motor gasoline demand was at roughly 6.7 million barrels for the week ended March 27, down 25% from just a week earlier, according to the Energy Information Administration.

Texas oil is hurting like crazy, so Trump resorted to the pattern of his Secretary of the State who, as we all know, "lied, cheated, stole". This is the world where the policy is set by manipulating with perceptions for a short gain, which, in the long run, turns into a massive problem of credibility and of real economy. But that is the Trump's world. The world of the reality show, in which the border between reality and fantasy is so fuzzy, that one never knows which one he is in at any particular moment.

UPDATE: 04/03/20. I don't need to comment on this, speaks clearly for itself. 

Vladimir Putin said a cut to global oil production of about 10m barrels a day is possible, but only if all major crude producers including the US join in the reduction pact. The Russian president instructed his energy minister to co-ordinate with Opec and allied producer nations at an extraordinary, virtual meeting to be held on Monday focused on alleviating the supply glut and a response to the coronavirus outbreak. Oil prices have fallen by about half due to the collapse in demand caused by the pandemic, sparking calls, led by US President Donald Trump, for co-ordinated supply cuts to try and bring the market to balance.

See highlighted in yellow.