U.S. | Oil Prices: Can the new output deal save producers?

Summary

Rather than boosting prices in the short-run, the production agreement could result in less volatility and more stable conditions for the market to recover.

Key points

• Key points:
• The OPEC+ alliance supported by the G20 negotiated an agreement by 23 countries to cut global petroleum output by 9.7 million barrels per day -around 10% of the total- through the end of June
• We maintain our baseline scenario for crude oil prices

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