OPEC would have to nearly halve its crude oil production in the second quarter to balance the market, according to the organization’s latest analysis, as the COVID-19 outbreak continues to force massive downward reassessments of the global economy. Receive daily email alerts, subscriber notes & personalize your experience. Register Now Even with a historic global supply cut accord in force, OPEC is unlikely to take such drastic measures, but it appears to be banking on a rapid pandemic recovery in the back half of the year to salve its short-term pain. OPEC, which pumped 30.41 million b/d in April, now sees the market’s demand for its crude coming in at 16.77 million b/d this quarter, it said […]