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Your Weekly Update: 4 - 8 May 2020


  • In the extraordinary OPEC+ and G20 meetings that surrounded the coordinated deal, it was stated that the free market producers – mainly the US, Canada, Brazil and Norway – would make up a further cut of 5 mmb/d through natural ‘market adjustments'.
  • This applies to OPEC states as well, such as Kuwait, the UAE and Angola, where Kuwait Petroleum, ADNOC or Sonangol have tightly integrated crude production infrastructure where control of national output levels is centralised.
  • With the OPEC+ deal entering force in May and US oil prices in the doldrums, it would seem that there is enough political will and market pressure to enforce nearly 15 mmb/d of output cuts across the industry.



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