Insight

OPEC+ and the oil market: The art of the deal

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15 April 2020

OPEC+ and the oil market: The art of the deal

Report summary

The OPEC+ agreement reached on 10 April 2020 to cut 10 million b/d, even if not fully implemented, is large enough to have a dramatic impact on supply and demand fundamentals. This remarkable global agreement reflects the scale of the pandemic crisis and the widening economic worries. In this Insight, we assess the impact on the market and supply and demand fundamentals. For this analysis of the OPEC+ meeting, we started with the 30 March 2020 Monthly Update forecasts. A detailed forecast will follow in our early May Macro Oils Monthly Update. Topics covered: • Potential effect on prices • Initial assessment of supply and demand balance • OPEC production adjustments • Mexico’s unexpected role

Table of contents

  • Supply reaction
  • Mexican quota

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    OPEC+ and the oil market: The art of the deal

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