OPEC wants help
The key detail here is how nicely they will ask and what the benchmark will be for others. Is this the US saying that it's cut 2 mbpd because companies are going bankrupt? Or is it places like Alberta announcing mandatory curtailments?
The other detail that's crossing is that this will be a two-month cut. That's not long enough but it's understandable because no one knows what the world will look like in two months. But if non-OPEC countries are still pumping flat out in 2 months does OPEC drop the hammer on them?
There are huge risks here and we're not going to get all the answers today.
Here's the 3-day chart in oil. The 20mbpd talk was the top tick.
