New Atlanticist
Apr 12, 2020
OPEC’s historic deal may still not be enough
By
Randolph Bell and Reed Blakemore
On April 12, a meeting of the Organization of the Petroleum Exporting Countries (OPEC) and ten other oil producing countries (known as OPEC+) reached a historic deal to cut 9.7 million barrels per day (bpd) to meet the historic challenge of a COVID-19-driven drop in demand. But as the oil market digests OPEC’s and OPEC+’s largest-ever single oil production cut in the face of an overwhelming demand shock, the question remains: will it be enough?