Guidance

OPEC+ Has Agreed to a Historic Production Cut. But Is It Enough?

Greg Priddy
Director, Global Energy and Middle East, Stratfor
Apr 14, 2020 | 17:21 GMT
A horse grazes near oil pumpjacks outside the Russian city of Surgut on March 10, 2020.

A horse grazes near oil pumpjacks outside the Russian city of Surgut on March 10, 2020.

(Alexei Andronov\TASS via Getty Images)

OPEC+ recently approved the largest-ever coordinated production cut to offset declining global demand due to the COVID-19 pandemic. While the agreement is unlikely to thwart further price declines in the coming months, the current alignment of interests among the world’s top oil producers means the deal will probably remain in place through the end of the year. But as the market begins to recover, adherence into 2021 will start to wane. ...

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