When OPEC, Russia and their allies agreed in April to slash oil production, little did they expect that their initiative to prop up collapsing prices would be helped by a swift drop in U.S. output.
FILE PHOTO: A 3D printed oil pump jack is seen in front of the OPEC logo in this illustration picture, April 14, 2020. REUTERS/Dado Ruvic/Illustration/File Photo
OPEC+ sources told Reuters on Wednesday that Russia and Saudi Arabia had reached a compromise to extend into July the group’s existing output cuts of 9.7 million barrels per day , the equivalent of 10% of global output. OPEC and its partners have in the past set out policy for several months at least, but JPMorgan’s Christyan Malek said the month-by-month approach was a “lesser of the evils” as global demand picks up after crashing due to the coronavirus crisis.
Global oil demand, which tumbled by as much as a third in April, has been recovering slowly with the easing lockdown measures. Demand is expected to exceed supply in June.
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