Oil tanker is seen at sunset anchored off the Fos-Lavera oil hub near Marseille, France, October 5, 2017.
That headline cut by the grouping known as OPEC+ may be more than four times deeper than the previous record set in 2008, and may provide a floor for prices according to some analysts, but the reduction still dwarfed by the near 30 million bpd drop in demand in April already anticipated by forecasters like Goldman Sachs.
"The absence of hard commitments from the United States or other G20 members is shortcoming of the deal." "This 9.7 million b/d 'headline' deal represents a 12.4 million bpd cut from claimed April OPEC+ production but an only 7.2 million bpd cut from 1Q20 average production levels," Goldman Sachs analysts said in a note.
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