Brent rises more than 30% as US president says he expects agreement for 10m barrel production cut Some market analysts have said the oil demand collapse is so severe, amid global lockdowns and travel bans, that any supply cuts from major producers would have a limited impact Some market analysts say the oil demand collapse is so severe that any supply cuts by major producers would have a limited impact. producers, led by Saudi Arabia and Russia, to alleviate a price collapse triggered by the coronavirus outbreak. US President Donald Trump on Thursday said on Twitter that he had spoken with the crown prince of Saudi Arabia, Mohammed bin Salman, who in turn had spoken with Russian president Vladimir Putin. “I expect & hope that they will be cutting back approximately 10 Million Barrels, and maybe substantially more which, if it happens, will be GREAT for the oil & gas industry!” he said. Nick Note: For the record oil has put in a bottom and will climb from here. In fact it put in a bottom yesterday as we told you. today its up! the rest is up to you! rich or poor its all up to you. the greatest trading banquet ever has been prepaired for you. So kill and eat!