U.S. oil state senators to talk crude markets with Saudi officials Saturday: source

[ProfessorGAC]

5. They're Going To Cut Anyway

Demand is down 30%, or around 28 million barrels a day.
There's only so much storage space.
Every week, at current rates, they are generating 3 excess days of supply.
As storage capacity gets critical, they'll slow way down, whether they want to or not, because compete shut down and restart of pumping & refining is way more expensive than slowing down.
With 10 days of excess supply already out there, excluding strategic reserves, they really have no short term leverage on price, absent idiocy in the commodity markets.
So, these senators are not only acting inappropriately, but they're tilting at windmills.