Ovintiv Inc OVV

Saudis cut oil by 40% to 7.5 million barrels per day....

[Hiddensecrets]

I think that OPEC and the rest of the world is catching on that it is better to have deep cuts now and absorb the surplus to benefit from higher prices a little later. 

If I were OPEC+,  the best way to absord all of the surplus is 30 to 45 days maximum and, even create a world shortage is to simply shut down the oil taps for this period of time by everyone on the planet.

We had a world shut down of economies, why not a world shut down of oil for 45 days.   Oil gets absorbed off the market and then agreed to a world quota that is less than demand.

What you have is SOARING OIL PRICES. 

https://www.cnbc.com/2020/05/12/oil-markets-crude-output-coronavirus-in-focus.html

MPO

[cashtango00]

You are giving too much credit to oil producers.  Saudi is only cutting back because their customers are pushing out deliveries.  Same with UAE.  Over in the US, some producers that shut in production are already pumping more again below their marginal costs to pay their debts.  Don't ever confuse oil producers for being forward thinking or doing anything other then whats