"One thing which we are seeing in our numbers is that the market is still not ready to absorb the production cuts back, even for whole of this year," Sushant Gupta, who heads Wood Mackenzie's refining and oils market team in Asia, told CNBC'sOPEC and its allies agreed in December 2019 tountil its next meeting in March 2020, bringing the total reduction to 1.7 million barrels a day.
"They will have to manage that oversupply somehow, by either higher compliance or even deeper cuts for longer time," he said.
So price fixing, Why not deal that issue?
Oil is on its way out then what
cartel at work!
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