The goal of about 10 billion barrels a day to be cut is nowhere near the 19 billion a day drop in demand. It may somewhat stabilize prices from further free fall but that’s about it. Prices in the $30 range are way short of the $50 range needed to support continued U.S. production based on fracking. The economy would have to recover support of resumption of transportation demand to close the current supply glut.
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