OPEC+ Deal on Output Cut Unlikely Helps Reduce Surplus. Downside Risk on Oil Price Remains

<p>OPEC+ eventually agreed on a final deal to reduce oil production by -10M bpd. Despite the significant headline figure, the effective cut is much lower. Actual output cut, late start and compliance issues suggest that the deal should not offer much help to the demand/supply balance in the oil market. As such, we expect risk […]</p>
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