Info!
UPDATED 1 Sept: The EI library in London is temporarily closed to the public, as a precautionary measure in light of the ongoing COVID-19 situation. The Knowledge Service will still be answering email queries via email , or via live chats during working hours (09:15-17:00 GMT). Our e-library is always open for members here: eLibrary , for full-text access to over 200 e-books and millions of articles. Thank you for your patience.

OPEC+ production cuts fail to strengthen oil prices

Following four days of negotiations over Easter, the OPEC+ alliance agreed to collectively cut oil production in May and June 2020 by 9.7mn b/d, then by 7.7mn b/d from July to December 2020, followed by a 5.8mn b/d reduction from January 2021 to April 2022. The deal was also backed by the US and G20 nations.

However, the announcement failed to strengthen oil prices, with market analysts saying the cuts are not big enough to stabilise the market, which is reported to have seen a 25mn b/d drop in demand as a result of the coronavirus pandemic.

News Item details


Journal title: Petroleum Review

Organisation: OPEC

Subjects: Oil markets, Oil production, Oil prices, Forecasting

Please login to save this item