Events in the global crude oil market became more interesting last week Thursday, following the extraordinary OPEC and non-OPEC Ministerial Meeting which extended until Sunday, with OPEC+ adopting a production cut of 9.7mbpd from May to June, a reduction to 7.7mbpd cut from July to December 2020 and 5.8mbpd cut from January 2021 until April 2022.
In the midst of the OPEC+ negotiation, G20 producers agreed to support the market rebalancing through production declines and stockpiling.
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