I doubt you understand the oil market. Its controlled. It will be priced where our masters want it priced +/- the bumps. There are other factors including the fact no one can produce for long at these low prices. All the breakeven are too high.
It has to shut down, there isn't enough storage anywhere that can cope with the production at today's level. The projections for us oil production based on current and projected rig numbers is a drop of 6mbod. OPEC + doesnt have to drop 10 or 15mbod, but it will have to drop a significant amount as there is simply no storage capacity. China has been filling their tanks since February, it's also beginning to come back to normality with estimate of 70% back online now business wise.
Saudi/Russian talks are a smokescreen, unemployment data today likely to indicate a rise to 7.5%. The poo spike will short lived. Producers around the world need to reduce production by approx 20mbod. That's a lot of oil. It wont be long before they have to as storage will be full.
SA have their requirement, Russia has their own. Does anyone think that SA hadn't considered carefully russias position. Of course they had, so they practically willed the reversal on cuts. They and Russia know in great detail the shale situation, who owes what and when is it due. Russia also want the reversal of all US sanctions, and they will get this before they budge on cuts. SA, well I think the US will sweat them out for a bit. Nothing will be actioned until the curves reverse and demand rises
These doctors were GP,s and hospital doctors who for any number of reasons including lack of ppe died. A considerable cause was not donning and removing ppe in correct order and in general most doctors dont have experience of infectious disease protocols. I wonder how many nurses and orderly died also. I would hesitate to be copying the headline grabbing statements being made on some sites. To compare the north and south of Italy in the pandemic, not 1 doctor has died in south of Italy to date. They have implemented strong separation between those working in close contact and those supporting those working in close contact.
Were 4 days since Cairn update, only info on Catcher was a reduced spend on that field this year. As a result of oilprice. I do wonder would it be financially beneficial to shut in some production rather than taking writedowns based on producing oil at too low prices.