And what then? Saudi Arabia is still trying to mop up any demand they can find in Asia. Everybody will throw as much oil into the market as he can before the cuts come into force and then the cheating begins. We will hit the oil wall – there is no escaping this.
Global oil demand will plunge by a record 9 percent this year due to coronavirus lockdowns, thwarting efforts by OPEC+ to contain the resulting glut of crude, the IEA said.