Comment: Not for the first time, Donald Trump tweeted prematurely - and his bravado won't be able to stop the pain coming for the oil industry, writes Stephen Bartholomeusz
The economic fallout from the coronavirus pandemic has caused global demand to slump about 25 per cent, or 25 MMbpd. It could fall further.
A pre-condition for any cuts by the Saudis and Russians, however, appears to be that the US producers share the pain. Trump has a fallback strategy, threatening to use his favourite weapon to force OPEC+ to reduce its output. US imports from Saudi Arabia represent well under 10 per cent of its total imports, most of which come from Canada.
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