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OPEC+ set to meet again
Having seen talks break down between Russia and Saudi Arabia in March, the broader OPEC+ group met again in April, forced to take significant action, given the massive amounts of demand destruction as a result of Covid-19 related restrictions. The alliance in April put their differences aside and agreed to cut output by 9.7MMbbls/d over the months of May and June, after which the cuts would be reduced to 7.7MMbbls.d from July through until the end of this year, and then finally from January 2021 through until the end of April 2022 the cuts would be further reduced to 5.8MMbbls/d. The baseline for these cuts are their ... (full story)