The OPEC+ ‘deal of the century’ last weekend changes oil market dynamics in the short run. The 10 million barrels per day (b/d) production cut from May is huge, amounting to 10% of global supply, and it’s needed. The cuts will help soften the blow of plunging oil demand as the effect of lockdown to suppress coronavirus across much of the world bites into the global economy – even if compliance is patchy. Our weekly coronavirus impact briefing for our customers plots the effect of the unfolding pandemic on the economy, energy, and metals and mining sectors.
