Days after OPEC and its partners inked the largest oil production cut in history, oil prices fell back below $20 per barrel as global demand destruction took center stage.
The oil world was hyper-focused on what OPEC+ might do over the past week, and on what the Texas Railroad Commission might do as a follow-up measure. The cuts are massive. OPEC+ alone will cut by nearly 10 million barrels per day (mb/d). The market-induced contraction will make the output declines even larger.
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