Whether OPEC+ formally agrees, deeper oil cuts now look inevitable


REUTERS | With crude consumption collapsing, the Organization of the Petroleum Exporting Countries, Russia and other producers, a group known as OPEC+, is due to implement a deal to cut supply by a record 9.7 million barrels per day (bpd) from May 1. But that unprecedented deal to withdraw about 10% of global supply already looks inadequate when demand has plunged by as much as 30% and the world is possibly just weeks away from running out of storage space for the surplus. Vopak, the world’s biggest independent storage company, said on Tuesday its tanks were almost full.


To read the full article, click here.


  • LinkedIn
  • Twitter

© 2020 Energen. This website represents a proof of concept of the future platform