OPEC-Watchers Expect Substantial Production Cutback This Week
- All but two of 29 analysts and traders expect a new output cut
- Average cutback in survey works out at 750,000 barrels a day
Photographer: Simon Dawson/Bloomberg
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OPEC and its allies are expected to agree deeper production cutbacks this week as the coronavirus batters oil demand, a Bloomberg survey showed.
All but two of 29 analysts, traders and brokers in a global poll predicted that the Organization of Petroleum Exporting Countries and its allies will announce new curbs, with an average expectation of 750,000 barrels a day. That’s slightly above the 600,000 barrel-a-day cut recommended by the organization’s technical committee in February.