- It immediately props up the current traded prices of crude oil, which were languishing in the US$25/b level before chatter of the deal emerged but it also is prescient enough to acknowledge that the negative impact of Covid-19 will linger for very long, hence the need for a long tail to the deal.
- The Great OPEC+ deal will not be enough to return oil prices to the US$50/b range.
- Instead of a shock-and-awe cut to rally prices in the short-term, the Great OPEC++ Deal instead provides a gradual exit strategy from the current catastrophe.
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