The First Cut Is The Deepest...or not? OPEC+ Will Likely Need to Add Supply Cuts Soon

An updated view of the full 2020 COVID-19 impact on oil demand seems to be brewing in the minds of more OPEC+ members, as Russia and other members have hinted that consumption will be more impacted than originally thought. However, for the time being the cartel has decided to maintain the path laid out last April, when a 9.7 million b/d cut was agreed for May, June and July, and to be followed by a second phase with supply cuts being reduced to 7.7 million b/d starting in August of this year and lasting until April of next year...

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This weekly report is an excerpt from our Short-Term Outlook service analysis, which covers a period of eight quarters and provides monthly forecasts for crude oil, natural gas, NGL, refined products, base petrochemicals and biofuels.  Contact Jaime Brito (+1.713-377-0706 or E-mail) for the detailed analysis or for more information about the Short Term Outlook.
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