This weekend’s emergency OPEC+ teleconference meeting that saw the 23-member alliance agree to slash production by almost 10 million b/d is regarded as insufficient by several large banks, who say it is unlikely to balance the market. On Sunday, members of the alliance agreed to collectively cut production by 9.7 million b/d in May and June, followed by an 7.7 million b/d reduction in the second half of 2020 and 5.8 million b/d from January 1, 2021 through April 30, 2022, in a landmark deal aimed at counteracting the plummet in global demand caused by the coronavirus pandemic. In its analysis, Goldman Sachs said it was assuming almost full compliance on the cuts from […]