00:00How has Russia reacted to the news?
00:02Do you think Donald Trump can successfully eliminate Russian crude from the international system?
00:09Donald Trump has said that India has agreed not to buy Russian crude oil anymore.
00:15India has not said this.
00:17But in terms of removing Russian crude from the international system,
00:22this is one of these things where Donald Trump might want to be careful what he wishes for.
00:27Crude oil prices are creeping up anyway.
00:30You know, the narrative toward the end of last year and the beginning of this year
00:34was that the world was awash in oil.
00:36Oil prices were going to go permanently lower.
00:39Maybe we're going to see $50 a barrel.
00:41That doesn't seem to be holding true.
00:43And a lot of those forecasts were made when economists were looking at a global slowdown,
00:48even a recession, because of this trade war.
00:51It hasn't happened.
00:52The U.S. economy is doing pretty well.
00:54China's not falling off a cliff right now.
00:56The Indian economy, as I said earlier, doing quite well.
01:00So that lower for longer oil price doesn't make sense to me.
01:06So if we were to take Russian oil out of the picture altogether,
01:10that creates less oil around and raise the price.
01:15Now, what is one of the things that Donald Trump really wants?
01:18Low motoring costs, low petrol prices for U.S. motorists.
01:21This is a metric that he uses to evaluate his presidency.
01:26So while he talks about taking this Russian oil off the market,
01:31you know, taking that supply out is certainly not going to benefit Donald Trump's constituents.
01:35Thank you very much.
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