01.05.2020 WTI Daily Analysis
WTI is trading at $18.98 as daily output cuts of nearly 10 million barrels agreed on by OPEC + members is set to start today. This cut in output cuts will
Yayınlanma: 1 Mayıs 2020 19:06
Güncellenme: 8 Kasım 2024 06:41
01.05.2020 WTI Daily Analysis
WTI is trading at $18.98 as daily output cuts of nearly 10 million barrels agreed on by OPEC + members is set to start today. This cut in output cuts will settle the imbalance between supply and demand. Due to the oil price war and the Covid-19 pandemic, oil fell by up to 70% this year so far. Analysts have said that it will take time for oil to fully recover even when all countries lift their lockdown restrictions. Lack of demand set off other issues like that of difficulty in finding storage space. Analysts estimate that around 30 million barrels per day demand was lost during the pandemic as most of the world was stuck at home due to lockdown restrictions to stop the spread of the virus.
