In a research note today, Kenanga Research said the Opec and its coalition had finally agreed to cut production by 10 million barrels per day in May and June 2020. — Reuters pic
“This will be gradually eased to eight million bpd in July to December 2020, and then further relaxed to six million bpd from January 2021 to April 2022,” it said. As at March 2020, oil demand has fallen 13 per cent from December 2019 levels, with market oversupply at a record high of 10 million bpd, according to the Energy Information Administration's data.
“Ultimately, we feel that the current oil production cuts put in place could be sufficient to temporarily halt oil prices from going into a free fall, but it is unquestionably insufficient to prop up Brent crude prices to a ‘normalised’ US$50 -65 per barrel level as before.
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