Oil is going to move much higherAll oil companies without excepession have cut the production capex and volume, this is a reaction to the demand destruction. However, oil companies and sovereign countries can't survive on $50 oil/barrel, a major cut in oil production is doom to happen wether anyone like it or not, it is the common sense of business. The US shale is doom to dissapear at $30 level and Saudi Arabia budget need a $70 at least to survive all the subsidies. So don't think the meeting this week among oil producer is going to fail, it's all rhetoric by the media when in fact the production cut is in the work and need to be coordinated. The Saudis want to cut and they are going to do it, point finale.