OPEC Announces Oil Production Cuts, page-12

The cut is what it is, possibly only enough for Russia and OPEC to not actually increase there market shares with the current drop in demand.

However given that most of these barrels are low cost barrels slicing 10 mm bopd off the bottom of the curve is a hell of a lot more supportive to the oil price than just letting the market set the cuts.

As I don’t see todays oil price as hugely relevant to Dorado, what I see as more significant is that they are proposing substantial cuts through into 2022. Are they expecting demand to not fully rebound (not so bad for the planet), or are they just recognising partial shutdown And/or deep recession is inevitable for several years? Maybe is is more relevant to Dorado than I have been thinking?

As always, I have no expertise in these matters. The above being perhaps just half baked opinion as I try to revise my worldview.

EL