If supply declines from other countries such as the U.S., Norway and Brazil are included, the “actual” cuts in the oil market will exceed 15 million barrels per day, far larger than the confirmed OPEC+ agreement to reduce output by 9.7 million daily barrels, says Kirill Dmitriev, CEO of the Russian Direct Investment Fund.
These figures were all released at the time OPEC+ agreed last night. It was the shock and awe PR strategy from OPEC that they believed would do wonders......
It didn’t
So please don’t wheel out people defiantly restating the same PR message..... it didn’t work the first time it won’t work now.