GUIDANCE
The Coronavirus Crisis Will Prompt Only Modest Cuts From OPEC+
Feb 28, 2020 | 11:00 GMT
(SODEL VLADYSLAV/Shutterstock)
Highlights
- OPEC+ will probably decide on a distributed headline cut of around 600,000 barrels per day at the March ministerial meeting in Vienna.
- The trend toward a more lengthy demand slump from the effects of the coronavirus outbreak will overcome Russian hesitancy to cut, but the Kremlin will push to limit the volume.
- While benchmark prices in the $50s, or even briefly in the upper $40s, will not cause Russia acute pain, it will further limit U.S. production growth in the second half of the year.
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