oil production cut

OPEC's meeting on 30th november

OPEC+ Reaches A Historic Deal: But Is It Enough?

Nitesh Shah (Wisdom Tree) | That will be the largest ever coordinated cut in oil production. With demand destruction forecasts ranging from 15-22mb/d in April 2020 and these measures not even coming into place until May, we are likely to see a substantial overhang in the short-term. But the deal does last until 2022, so production restraint could mop up excess supply at the back end. Clearly nobody really knows the length and amplitude of the of the COVID 19 related demand.