Based on the current recovery path for the oil market, OPEC+ cuts should be sufficient to balance the market by the end of 2020, including drawing down the oversupply in inventories, says Richard Gorry of JBC Energy Asia.
Oil prices edged lower on Wednesday as a drawdown in U.S. distillate stockpiles for the first time since March and a sharp drop in U.S. crude production faced concerns over fuel demand due to fresh outbreaks of COVID-19.
The effects of the pandemic and a price war between Saudi Arabia and Russia forced oil prices on April 20 to sink into the negative territory for the first time in history. Although experts suggest it is unlikely to happen again since oil prices recorded its best month yet in May, the event gives a unique glimpse into the inner workings of the oil industry and the dangers of the futures market.
Fatih Birol, executive director of the IEA, discusses the oil market.
The IEA said it expects oil demand to fall by 8.1 million barrels per day in 2020, before growing by 5.7 million barrels per day in 2021.
Oil has been falling amid fears over rising U.S. coronavirus cases. Vandana Hari of Vanda Insights says it's still too early to tell how a potential second wave could impact the energy markets.
Iraq has said it's "fully committed" to cutting its production in accordance with the OPEC+ deal — but experts are skeptical.
Argus Media's Alejandro Barbajosa outlines the current goals of the OPEC+ members and explains why he's bullish on oil.
Saudi Arabia and Russia said the success of the energy alliance's latest production cuts relies on all members complying with the terms of the deal.
Christyan Malek, managing director and head of EMEA oil and gas research at J.P. Morgan, discusses the oil market.
Brent crude still needs to work through its oversupply issues before it can break above its current price range of between $40 and $50 per barrel, said Westwood Global Energy Group's Thom Payne.
Warren Patterson, head of commodities strategy at ING, discusses the oil market.
Oil markets may move to a net draw or "undersupplied" position in July or August, if the U.S. shale industry remains under pressure and OPEC+ production cut deals see a minimum 75% compliance, all of which could help to restore Brent prices to pre-virus levels, says Thom Payne, director of Westwood Global Energy Group.
Some of the world's largest oil producers will meet on Saturday to decide on whether or not to extend production cuts.
Karen Kostanian, head of EEMEA oil and gas research at Bank of America Global Research, discusses OPEC+ and the oil market.
OPEC and non-OPEC allies, sometimes referred to as OPEC+, were originally scheduled to review their production cuts on June 9-10.
Martijn Rats, global oil strategist at Morgan Stanley, discusses his outlook for the oil market.
Herman Wang from S&P Global Platts goes through what to expect from OPEC's upcoming meeting, and what's next for oil prices.
Demand for oil has fallen to unprecedented levels, resulting in oil prices turning negative for the first time in history. From the price war between Saudi Arabia and Russia to the pandemic, CNBC's Nessa Anwar explores what this might mean for the commodity in the long-term.
In April, OPEC+ agreed to cut oil production by a record 9.7 million barrels per day (b/d), approximately 10% of global output.