OPEC+ held a conference call yesterday but there were no new initiatives announced at its conclusion.
- No fresh policy moves agreed to or floated out publicly
- Unless there is some sort of dramatic recovery in price, which appears unlikely, they'll remain under pressure to do more.
- It must getting close to the time for OPEC+ to accept there is little else they can do, record cuts are about to be implemented, short of moving these forward (by only a few days now really though)
- Meanwhile in the us the US the Texas Railroad Commission also met but they did not indicate supply cuts. They meet again on May 5.
Earlier posts on oil:
- More on oil - grim outlook
- Goldman Sachs on oil - see a 'violent rebalancing' in weeks, not months
- USO ETF reveals it closed at a 36.4% premium to NAV
- Here's a new normal - CME will list oil options with a negative strike price
