Job 1 ... Drop China to its knees for trade concessios
Just two weeks ago China had to eat a dick by taxing US oil imports when they ran out of other stuff to tariff. Good luck keeping that tariff now without tanking into recession.
Job 2 ... Strangle Denmark to within an inch off its life. Let Greenland get through winter on $200 / barrel oil.
An attack on Saudi oil facilities on Saturday is believed to have disrupted half the country’s production capacity, making the United States the only real holder of the global supply cushion via its ability to raise own output or to soften sanctions against other major oil producers.
A prolonged supply outage will have a major bullish impact on oil prices, which in turn will spur further gains in U.S. shale production. Analysts have repeatedly underestimated U.S. output growth gains with the country now producing around 15% of global supply.
Besides the United States, the only countries which have significant spare capacity are Iran and Venezuela.
Both are subject to U.S. sanctions and have seen their exports reduced to a trickle over the past year as U.S. President Donald Trump has tightened sanctions.