It was a tweet from Trump saying he just spoke to MBS, who spoke with Putin, and that Trump expects 10 mmboe per day in cuts (as high at 15 mmboe per day). Then everyone freaked out and prices have been sky rocketing ever since.
I am very skeptical though. That is a lot of cutting and would need an immense amount of buy-in. If Russia is around 10 mmboe and SA is 13 mmboe, they are going to need to cut by 50% in addition to OPEC members buying in as well. The next largest is Iraq at 4.6 mmboe for reference. I don't see them being able to curtail that much nor would they want to. Russia and SA both want to see some fundamental changes in US Shale and they have not achieved that yet. Makes no sense to me.
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