The Opec-plus alliance appears to have achieved a fairly impressive level of compliance during the first month of the biggest ever international effort to rein in oil production. Energy Intelligence estimates that the alliance achieved an 86% May compliance rate with the production cuts of 9.7 million barrels per day that it agreed for both May and June. The massive cuts are intended to counter the dramatic fall in oil demand and prices triggered by the coronavirus pandemic, and they have already helped to lift prices well above their April lows.
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