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OILX - The OPEC+ Production Cut Is A Farce And The Saudi OSP Announcement Made It More So
UBS AG London Branch ZC SP ETRACS REDEEM 22/02/2046 USD 25 - Ser B
Welcome to the "farce" edition of Oil Markets Daily!
If we didn't think the OPEC+ production cut agreement was a farce, the Saudi OSP announcement this morning only made this point more valid. Although we must say that the production cut agreement for ~8 mb/d between July and Dec, and ~6 mb/d after Jan 2021 is bullish, the market in the near term won't care.
Over the weekend, we had contemplated the many scenarios that Aramco (ARMCO) would take. The OPEC+ production cut agreement is really just legitimizing the demand loss barrels + shut-in volumes.